Seoul: Won soars to year-plus high, stocks reverse course

[SEOUL] The South Korean won extended gains to reach its highest in more than a year on Wednesday as the dollar slumped on weak US economic data, cutting the chances of a Federal Reserve rate hike later this month.

The won was quoted at 1,090.0 to the US dollar at the conclusion of onshore trade, up 1.4 per cent versus Tuesday's close of 1,105.2.

It was the highest since May 19, 2015.

South Korean shares changed course later in the session, despite foreign investor demand, after escalating considerably of late.

The Korea Composite Stock Price Index (Kospi) closed down 0.2 per cent at 2,061.88 points.

Offshore investors bought a net 86.9 billion won (S$108.31 million) worth of Kospi shares on Wednesday.

REUTERS