South Korea: Won slips on profit-taking, strong dollar; stocks edge down

[SEOUL] The South Korean won snapped three days of gains and dropped as much as 1.0 per cent on Friday, hit by profit-taking and as the dollar stayed resilient.

The local currency was quoted at 1,143.1 to the dollar at the conclusion of onshore trade, down 0.9 per cent from Thursday's close of 1,132.9.

For the week, the won marked a fourth week of gains.

South Korean shares fell modestly as foreigners stayed on the positive side of trading throughout the day although local institutions unloaded shares from the main board.

The Korea Composite Stock Price Index (KOSPI) closed down 0.3 per cent at 2,015.49 points.

Foreigners have been buyers for eight straight sessions, purchasing a net 150.2 billion won (S$177.34 million) worth of KOSPI shares while institutions sold a net 177.9 billion won worth of stocks on Friday.

REUTERS