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Seoul: Won up on robust exports; stocks dip

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[SEOUL] The South Korean won firmed on Friday, boosted by stronger-than-expected exports and data showing that inflation had surged to a more than five-year high.

The won was quoted at 1,122.8 to the US dollar at the conclusion of onshore trade, up 0.4 per cent from Thursday's close of 1,127.8.

It rose 0.5 per cent for the week, posting its third consecutive week of gains.

South Korean shares edged down as local institutions stepped up selling, but losses were capped after foreign investors turned to net buyers later in the session.

The Korea Composite Stock Price Index (Kospi) closed down 0.2 per cent at 2,357.69 points.

The Kospi lost 0.9 per cent for the week. The index ended August down 1.6 percent, snapping the longest-ever monthly run of eight months.

Domestic institutions unloaded a net 202.7 billion won (S$244.88 million) worth of Kospi shares, while offshore investors purchased a net 76.3 billion won worth.

REUTERS

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