You are here
Seoul: Won down for 6th day on domestic, global headwinds; stocks steady
[SEOUL]The South Korean won extended its declines against the US dollar for a sixth straight session on Thursday morning, as worries about global and domestic headwinds seeing analysts predicting further losses.
The won was quoted at 1,196.8 as of 0234 GMT, down 0.2 per cent compared to Wednesday's close of 1,193.9.
Earlier in the day, the nation's central bank said there is a chance growth next year may slow below an expected 2.8 per cent and highlighted obstacles to a rebound including capital outflows expected from interest rate hikes in the US.
Kim Doo-un, a foreign exchange analyst at Hana Futures, said the won is likely to weaken further against the US dollar as the Federal Reserve raises interest rates at a quicker pace and uncertainties about Donald Trump's policies persist.
"The won could possibly fall as low as 1,210 level unless global oil prices rise," Kim said.
South Korean shares barely moved, with the Korea Composite Stock Price Index (Kospi) at 2,038.11 points.
Offshore investors purchased a net 36.2 billion Korean won (S$43.9 million) worth of Kospi shares near mid-session.
Chipmaker SK Hynix Inc rose as much as 3.7 per cent on its plans to invest 3.16 trillion won ($2.7 billion) in its home country and China to boost memory chip production capacity.
Shares of LG Display Co Ltd gained more than 2 per cent, notching the highest level since mid-August.
Decliners outnumbered advancers 484 to 303.
March futures on three-year treasury bonds lost 0.03 point to 109.44.