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Seoul: Won falls as Yellen signals rate hike; stocks edge up

Thursday, January 19, 2017 - 15:00

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[SEOUL] The South Korean won weakened against the US dollar on Thursday, following comments by US Federal Reserve Chair Janet Yellen signalling a quick rate hike this year.

The won was quoted at 1,177.6 to the US dollar at the conclusion of onshore trade, down 0.9 per cent from Wednesday's close of 1,166.7.

South Korean shares rose slightly as market heavyweight Samsung Elec extended gains after a court rejected a prosecution bid to arrest Samsung Group leader Jay Y Lee.

The Korea Composite Stock Price Index (Kospi) closed up 0.1 per cent, at 2,072.79 points.

Offshore investors accelerated stock-buying near the close, purchasing a net 146.5 billion won (S$177.97 million) worth of Kospi shares.

REUTERS

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