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Seoul: Won, stocks fluctuate wildly as Brexit vote results come in

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South Korean won and shares oscillated in and out of positive territory on Friday as early results from the Brexit referendum vote showed an extremely close contest.

[SEOUL] South Korean won and shares oscillated in and out of positive territory on Friday as early results from the Brexit referendum vote showed an extremely close contest.

The won was quoted at 1,154.9 to the dollar as of 0207 GMT, down 0.4 per cent compared to Thursday's close of 1,150.2. It dropped more than 1 per cent, reaching as low as 1,162.0 earlier in the session.

The Korea Composite Stock Price Index (Kospi) was down 0.2 per cent at 1,982.42 points. The index notched a two week intraday high shortly after opening, but then quickly fell to 1,959.14 level, declining more than 1 per cent.

"The market will be very volatile throughout the day since nobody can expect anything for sure as of now," said Jung Sung-yoon, a foreign exchange analyst at Hyundai Futures.

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He added that the won may firm beyond the 1,150 level near end-session if the "remain" side looks like winning, but it can plunge any time during the day depending on how the vote count goes.

Britain's referendum on whether to leave the European Union was too close to call on Friday as early results showed a deeply divided nation.

Offshore investors were expected to be sellers, offloading a net 58.3 billion Korean won (S$67.9 million) worth of Kospi shares near mid-session.

Market heavyweight Samsung Electornic Co Ltd rose 0.7 per cent. LG electronics Inc fell 1.8 per cent while chipmaker SK Hynix Inc rose 1.9 per cent.

Decliners outnumbered advancers 621 to 182.

September futures on three-year treasury bonds gained 0.04 point to 110.74.

REUTERS

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