Seoul: Stocks, won tentative as focus turns to G-20 meeting

[SEOUL] South Korean stocks and the won held steady early on Friday as traders took to the sidelines as they awaited the outcome of the meeting of finance and central bank chiefs from the G-20 economies.

The Korea Composite Stock Price Index (KOSPI) was up 0.3 per cent at 1,923.56 points as of 0230 GMT, with gainers outpacing losers by 460 to 345. Foreign investors were net sellers although their sales were modest.

"Despite caution all around, there's some hope among traders that the G-20 meeting (of finance ministers and central bank governors) will help to boost to markets," said Seo Sang-young, a market strategist at Kiwoom Securities.

The won was up 0.3 per cent on the day at 1,234.6 per dollar in a session so far marked by little movement.

The G-20 meeting of central bank governors and finance ministers kicks off in Shanghai on Friday, with policy makers seeking to address a depressed global growth outlook.

On the stock market, smaller companies dominated activity, with heavyweights such as Samsung Electronics showing little movement. Samsung fell 0.1 per cent to 1,178,000 won.

On the bond futures market, the March futures on three-year treasury bonds were up 0.01 point at 110.29.

REUTERS