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Seoul: Won posts sharpest daily loss in 2 month on China fears; shares up

Monday, May 4, 2015 - 14:26
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- PHOTO: AFP

[SEOUL] The South Korean won fell against the dollar on Monday as further signs of weakness in China's economy added to worries about South Korea's export outlook, while mixed US economic data lifted the greenback.

The won ended local trade down 0.6 per cent at 1,079.2 per dollar, the fastest daily losses since March 10, compared to the previous close at 1,072.4.

China's factories suffered their fastest drop in activity in a year in April as new orders shrank, a private business survey showed on Monday, hardening the case for fresh stimulus measures to halt a slowdown in the world's second-largest economy.

The Korea Composite Stock Price Index (KOSPI) edged up 0.2 per cent to 2,132.23 points, snapping a five-day losing streak. It closed at 2,127.17 points on Thursday.

South Korean financial markets will be closed on Tuesday for the Children's Day holiday.

REUTERS