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Seoul: Won, stocks steady ahead of global policy events


[SEOUL] The South Korean won and shares were little changed on Thursday, as investors stayed sidelined ahead of policy events in advanced economies such as the United States in coming weeks.

The won was trading at 1,191.0 per US dollar as of 0221 GMT, up from Wednesday's close of 1,193.0.

"The market is likely to lack a firm direction until the Federal Open Market Committee meets. The won is not reacting sensitively to economic indicators inside or outside the country as most of it has already been priced in," said Park Sung Woo, a foreign exchange analyst at NH Futures.

South Korean shares were unstable amid low trading volume with the Korea Composite Stock Price Index (KOSPI) standing at 1,985.36 points, slightly firmer than the previous close.

Foreign investors were set to be buyers but their purchases were small near the mid-session.

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South Korea's STX Group-related companies' shares marked dramatic gains on hopes of STX Offshore & Shipbuilding possibly avoiding business liquidation.

Shares of tech giant Samsung Electronics Co Ltd rose 1.7 per cent to its highest price of the year on market expectations business in the second quarter will be positive.

Advancing issues outnumbered declining ones 413 to 381.

June futures on three-year treasury bonds lost 0.01 point to 110.37.


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