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Seoul: Won firms to 1-month high as US dollar dips, stocks edge up

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[SEOUL] The South Korean won strengthened to one-month high on Thursday as US President-elect Donald Trump's news conference ended without details about his fiscal policy plans, driving the US dollar down against other currencies.

The won stood at 1,182.5 to the US dollar as of 0217 GMT, up 1.2 per cent compared to Wednesday's close of 1,196.4.

"Not much will be taking place until Trump's inauguration, which means the dollar is likely to be more pressured in the global market, adjusting from its long rally," said Jung Sung-Yoon, a foreign exchange analyst at Hyundai Futures.

South Korean shares edged up 0.2 per cent, with the Korea Composite Stock Price Index (Kospi) at 2,080.24 points.

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Offshore investors were small net buyers of Kospi shares near mid-session.

Shares of Samsung Electronics were barely moved despite Samsung Group leader Jay Y Lee's attendance for questioning over bribery suspicions as part of a widening influence-peddling scandal that may permanently unseat President Park Geun-Hye.

Chipmaker SK Hynix fell more than one per cent, snapping its five-day rally.

Decliners outnumbered advancers 437 to 351.

March futures on three-year treasury bonds gained 0.11 point to 109.65.

REUTERS

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