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Seoul: Won, stocks slide on North Korea worries, end the week lower

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[SEOUL] The South Korean won and shares fell on Friday, ending the week lower, as tensions increased between North Korea and the United States.

The won was quoted at 1,140.0 to the US dollar at the conclusion of onshore trade, down 0.9 per cent from the previous session.

The Korea Composite Stock Price Index (Kospi) closed down 0.6 per cent at 2,134.88 points.

Both the currency and shares ended the week lower, the third straight week of losses. The won was down 0.2 per cent, and the KOSPI 0.8 percent on a weekly basis.

Foreign investors sold a net 75.8 billion won (S$92.93 million) worth of Kospi shares.

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Concerns have been growing that North Korea could soon conduct a sixth nuclear test or more missile launches in defiance of UN sanctions and stark warnings from the United States that a policy of patience was over.

With a US aircraft carrier group steaming to the area in a show of force and tensions rising, fears of a confrontation have been rising.

REUTERS

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