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Seoul: Won recovers, stocks inch down; listening out for Trump

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[SEOUL] The South Korean won rebounded early on Tuesday in a technical adjustment following a sharp fall in previous trading session, with traders in Seoul, as elsewhere, apprehensive ahead of a press conference US president-elect Donald Trump will give on Wednesday.

"The press conference will be very important as Trump is highly likely to show his economic stance, which will then judge the greenback's direction," said Kim Doo-Un, a foreign exchange analyst at Hana Futures.

The won was quoted at 1,202.9 against the US dollar as of 0211 GMT, up 0.5 per cent compared to Monday's close of 1,208.3.

South Korean shares were flat and the Korea Composite Stock Price Index (Kospi) was down 0.2 per cent at 2,045.28 points.

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Offshore investors were set to be net buyers for 10 straight days, purchasing a net 15.4 billion Korean won (S$18.39 million) worth of Kospi shares near mid-session.

Shares of Hotel Shilla dropped nearly 3 per cent to touch the lowest level since late Feb 2013 as investors feared there will be less visitors from China due to the deployment of US Terminal High Altitude Area Defence (Thaad) system in South Korea.

Automobile manufacturer Hyundai Motor gained 1.3 per cent.

Decliners outnumbered advancers 513 to 277.

March futures on three-year treasury bonds gained 0.04 point to 109.57.

REUTERS

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