Seoul: Won, stocks weaken on US dollar strength, but mark weekly gain

[SEOUL] The South Korean won extended losses on Friday as the US dollar strengthened broadly, but finished the week in positive territory as a rate increase by the US Federal Reserve later this month became unlikely on weak jobs data.

The won was quoted at 1,165.5 to the US dollar at the conclusion of onshore trade, down 0.8 per cent compared to Thursday's close of 1,156.0.

The currency gained 1.5 per cent for the week, its biggest weekly gain since mid-March of this year.

South Korean shares also edged down due to a stronger US dollar, with the Korea Composite Stock Price Index (Kospi) closing down 0.3 per cent at 2,017.63.

Offshore investors snapped a three-day buying session to sell a net 56.9 billion won (S$66.20 million) worth of Kospi shares on Friday.

The Kospi was up 1.6 per cent on the week, its third week of gains and the biggest weekly gain since mid-April.

REUTERS