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Seoul: Won recovers as firmer Chinese yuan helps mood, stocks rise

Tuesday, January 17, 2017 - 14:54

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[SEOUL] The South Korean won extended gains late in the session on Tuesday as a firmer Chinese yuan helped to support sentiment toward emerging Asian currencies.

The won was quoted at 1,174.5 to the US dollar at the conclusion of onshore trade, up 0.6 per cent from Monday's close.

South Korean shares edged up, with tech giant Samsung Electronics rebounding 0.8 per cent after falling on Monday after special prosecutors said they were seeking a warrant to arrest Samsung Group leader Jay Y Lee in connection with a political pribery investigation.

The Korea Composite Stock Price Index (Kospi) closed up 0.4 per cent at 2,071.87 points.

Foreign investors turned to net sellers, offloading 8.4 billion won (S$10.2 million) worth of Kospi shares for the day.

REUTERS

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