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Seoul: Won up as dollar struggles globally, stocks flat

Monday, April 4, 2016 - 10:23

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The South Korean won strengthened against the dollar on Monday as the greenback struggled to rebound despite better-than-expected U.S. jobs data.

[SEOUL] The South Korean won strengthened against the dollar on Monday as the greenback struggled to rebound despite better-than-expected US jobs data.

The won was quoted at 1,146.8 to the dollar, up 0.6 per cent, compared with Friday's close of 1,154.2.

"Further gains for the won are highly doubtful since investors are likely to start bargain-hunting if the currency goes beyond 1,145," said Jeong My-young, a foreign exchange analyst at Samsung Futures.

South Korean shares were little changed as foreigners and institutions sold the stocks while individual investors supported the main bourse.

sentifi.com

Market voices on:

The Korea Composite Stock Price Index (KOSPI) was up 0.1 per cent at 1,974.64 points as of 0155 GMT.

Foreign investors were set to be net sellers, offsetting 10.7 billion Korean won (S$12.59 million) worth of KOSPI shares near mid-session.

Individuals bought 48.8 billion won ($42.58 million) worth of stocks so far.

Major carmakers slumped on weak first-quarter sales, with Hyundai Motor Co down 3.0 per cent and Kia Motors Corp down 1.9 per cent.

Tech Giant Samsung Electronics Co Ltd gained 1.3 per cent along with LG Electronics Inc up 1.0 per cent.

Advancing issues outnumbered declining ones 422 to 357.

June futures on three-year treasury bonds gained 0.04 point to 110.38.

REUTERS

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