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Seoul: Won slips after ECB meeting, stocks also down

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The South Korean won weakened against the US dollar early on Friday after the European Central Bank left room for further stimulus at its October meeting while not changing its ultra-loose monetary policy.

[SEOUL] The South Korean won weakened against the US dollar early on Friday after the European Central Bank left room for further stimulus at its October meeting while not changing its ultra-loose monetary policy.

The won was quoted at 1,133.0 as of 0151 GMT, down 0.5 per cent from Thursday's close of 1,127.5.

The US dollar also gained support from stronger-than-expected US home sales data.

"The US dollar's current rally will likely continue, but at a slower pace," said June Park, a foreign exchange analyst at Daishin Economic Research Institute.

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Market voices on:

"The won may extend losses to the 1,150 level and stay trapped there until the Federal Reserve's December meeting."

South Korean shares also edged down and the Korea Composite Stock Price Index (Kospi) stood at 2,033.45 points, down 0.4 per cent from the previous close.

Offshore investors were on track to end a six-day buying spree, but their volume of stock sales was modest near mid-session.

A spokesman for the Seoul court overseeing Hanjin Shipping Co Ltd's receivership said on Friday it was in talks to sell its stake in the Long Beach Terminal in California. But the news had little impact on shares of the shipper.

Tech giant Samsung Electronics Co Ltd fell more than one per cent.

Decliners outnumbered advancers 428 to 345.

December futures on three-year treasury bonds gained 0.04 point to 110.61.

REUTERS

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