Seoul: Won, stocks slip ahead of impeachment vote

[SEOUL] The South Korean won and shares slipped early on Friday as investors turned jittery over a parliamentary vote to impeach President Park Geun-hye due later in the afternoon.

The won was down 0.81 per cent at 1,167.80 per US dollar as of 0215 GMT, set to snap three days of gains.

The Korea Composite Stock Price Index (Kospi) was down 0.45 per cent at 2,021.99 points, having struck a more than 6-week high on Thursday.

Parliament is expected to vote in favour of impeaching Park over an influence peddling scandal, but the Constitutional Court must uphold the motion for her to be removed from office, a process that could take up to 180 days.

"Today's market is all about the impeachment vote, it seems," said Kim Do-un, a currency analyst at Hana Futures.

"Investors are discouraged over the outburst of political uncertainties, which won't be resolved until the court ruling is over."

Foreign investors net purchased 22.5 billion won (S$27.4 million) worth of Kospi shares near mid-session, supporting the index.

Decliners outnumbered advancers 406 to 392.

December futures on three-year treasury bonds were down 0.08 points at 109.33.

REUTERS