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2 years ago
CORRECTED-S.Korea won falls to 11-week low, shares down after U.S. jobs data
June 8, 2015 / 3:42 AM / 2 years ago

CORRECTED-S.Korea won falls to 11-week low, shares down after U.S. jobs data

(Corrects company name in paragraph 8 to Samsung C&T, not
Samsung S&T; corrects to refer to a major investor in Samsung
C&T, not in Cheil)
    By Yeawon Choi
    SEOUL, June 8 (Reuters) - The South Korean won slid
to a near 11-week low on Monday and Seoul shares slipped to a
near 2-month low after robust U.S. jobs data underpinned
expectations the Federal Reserve will raise U.S. interest rates
as early as September.
    The won was down 0.9 percent at 1,120.8 against
the dollar as of 0305 GMT after the local currency opened as low
as 1,123.0, the lowest intraday level since March 20. It closed
at 1,111.1 on Friday. 
    Data showed on Friday U.S. nonfarm payrolls increased
280,000 last month, the largest gain since December.
 
    The won fell on Monday after the U.S. data beat expectations
and the dollar posted a 13-year high against the yen on Friday,
said Park Yuna, a foreign-exchange analyst at Dongbu Securities.
    "Recently, the won was sensitive to the level of Japanese
yen per dollar, rather than the greenback itself," she added. 
    However, the won's losses should be limited by exporters'
demand for settlements, Park said.
    On the stock market, the Korea Composite Stock Price Index
(KOSPI) was down 0.2 percent at 2,064.54 from the
previous close of 2,068.10. The KOSPI touched as low as
2,056.50, the weakest intraday level since April 9.
    Cheil Industries Inc and Samsung C&T Corp
 fell 3.1 percent and 2 percent, respectively, on
profit-taking. 
    The two previous sessions, Cheil rose 8.1 percent and
Samsung C&T was up 19.8 percent after a major investor in
Samsung C&T opposed Cheil's offer to take over the Samsung unit.
 
    Naver Corp, South Korea's largest web portal
operator, was up 3.7 percent on bargain-hunting after a four-day
losing streak.
    Meanwhile, a seven-day streak of offshore investors being
net buyers of KOSPI shares was on track to end.  They had sold
3.5 billion won ($3.12 million) worth by midday.
    June futures on three-year treasury bonds were up
0.04 points at 109.34 as of 0305 GMT.
    
                      0305 GMT     Prev close
 Dollar/won            1,120.8        1,111.1
 Yen/won            8.9334/380         8.9418
 *KTB futures           109.34         109.30
 KOSPI                2,064.54       2,068.10
 * Front-month futures on three-year treasury bonds 

($1 = 1,120.5000 won)

 (Editing by Richard Borsuk)

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