Seoul: Won edges up on foreigners' stock demand, stocks flat

[SEOUL] The South Korean won inched up against the US dollar on Tuesday morning, helped by foreign buying of domestic stocks.

The local currency stood at 1,159.1 per US dollar, a touch higher from Monday's close at 1,163.5, having reached a 3-month high late last week.

South Korean shares held steady as selling by institutions and retail investors offset offshore buying.

"The dollar is weakening as foreign investors keep selling dollars," said a trader who declined to be named.

The Korea Composite Stock Price Index (KOSPI) was flat at 1,990.13 points as of 0245 GMT.

Foreign investors had purchased a net 50.6 billion Korean won (S$59.61 million) worth of KOSPI shares near mid-session.

The construction sub-index rose one per cent, mainly supported by Daelim Industrial Co Ltd rising 5.1 per cent and Samsung Engineering Co Ltd climbing 4.1 per cent.

Consumer electronics screen maker LG Display Co Ltd rose 3.6 per cent.

Decliners outnumbered advancers 443 to 333.

June futures on three-year treasury bonds shed 0.04 point to 110.16.

REUTERS