1. South Korean won, stocks edge down as sentiment cools after US vote delay

South Korean won, stocks edge down as sentiment cools after US vote delay

The South Korean won and shares both fell early on Wednesday as a delay in a U.S. healthcare reform vote cooled market sentiment. The won was quoted at 1,140.7 to the dollar as of 0150 GMT, down 0.3 percent compared to Tuesday's close of 1,136.0.

By: | Published: June 28, 2017 9:26 AM
The Korea Composite Stock Price Index (KOSPI) was down 0.1 percent at 2,389.34 points, snapping its four-day rally.

The South Korean won and shares both fell early on Wednesday as a delay in a U.S. healthcare reform vote cooled market sentiment. The won was quoted at 1,140.7 to the dollar as of 0150 GMT, down 0.3 percent compared to Tuesday’s close of 1,136.0. The Korea Composite Stock Price Index (KOSPI) was down 0.1 percent at 2,389.34 points, snapping its four-day rally.

Ha Keon-hyeong, a foreign exchange analyst at Shinhan Investment Corp, said that the slump in the won because of the delayed healthcare vote would be temporary as the dollar is still very weak. “Local exporters’ dollar-selling for the month-end will also give some support to the won,” added Ha.

Offshore investors were set to be net sellers, offloading 34.8 billion Korean won ($30.51 million) of KOSPI shares near mid-session. Shares related to nuclear reactor construction saw sharp falls as the government on Tuesday it said would suspend the construction of two partially-completed nuclear reactors.

Doosan Heavy Industries & Construction Co Ltd dropped as much as 4.9 percent and Korea Electric Power Corp slipped as much as 2.9 percent. Decliners outnumbered advancers 445 to 347. September futures on three-year treasury bonds shed 0.07 point to 109.33.

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