1. South Korea’s won climbs back from two-month low, stocks steady

South Korea’s won climbs back from two-month low, stocks steady

Declining global dollar demand and local exporters lent some support to the South Korean won early on Thursday after it was pushed to a two-month low in the previous session. The won was quoted at 1,140.8 per dollar as of 0241 GMT, up 0.3 percent from Wednesday's onshore close.

By: | Published: June 22, 2017 10:53 AM
The Korea Composite Stock Price Index (KOSPI) was up 0.2 percent at 2,361.88 points.

Declining global dollar demand and local exporters lent some support to the South Korean won early on Thursday after it was pushed to a two-month low in the previous session. The won was quoted at 1,140.8 per dollar as of 0241 GMT, up 0.3 percent from Wednesday’s onshore close. “We’re seeing steady dollar sales from local exporters while offshore demand for the dollar has been calming somewhat, boosting the won,” said a bank dealer in Seoul, who requsted anonymity because he was not authorised to speak to media.

“However, there are some dollar purchases on expectations the won will fall again in the short term,” he added. South Korean shares inched up on retail interest and as global oil prices crawled up. The Korea Composite Stock Price Index (KOSPI) was up 0.2 percent at 2,361.88 points.

Shares in SK Hynix reached a record high and was trading up around 1.4 percent after the chip company said on Wednesday it was part of a Japan-led consortium chosen as the preferred bidder for Toshiba Corp’s computer memory business. Samsung Elec was up 0.7 percent towards midday.

The KOSPI 200 benchmark of core stocks was up 0.2 percent, while the junior KOSDAQ also edged 0.2 percent higher. September futures on three-year treasury bonds added 0.01 point to trade at 109.41.

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