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Seoul: Won, stocks slip as investors show little appetite for risk

Thursday, November 17, 2016 - 11:55

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The South Korean won and shares eased early on Thursday as strong greenback dampened investor appetites for riskier assets.

[SEOUL] The South Korean won and shares eased early on Thursday as strong greenback dampened investor appetites for riskier assets.

The won stood at 1,174.1 as of 0314 GMT, down 0.4 per cent compared to the previous close of 1,169.2.

The Korea Composite Stock Price Index (Kospi) was down 0.1 per cent at 1,977.67 points.

"The won is under pressure mainly due to the dollar's strength," said Ha Keon Hyeong, an analyst at Shinhan Investment Corp.

"No other decisive factors are seen in the market at the moment."

Offshore investors were poised to be sellers, offloading a net 15.8 billion won (S$19.08 million) worth of Kospi shares near mid-session, weighing on the index.

Steelmaker Posco rose 1.6 per cent and SK Hynix Inc lost 1.3 per cent.

Decliners outnumbered advancers 475 to 317.

December futures on three-year treasury bonds gained 0.07 point to 109.34.

REUTERS

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