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S.Korea won falls to 10-day low as dollar pressures, stocks nearly flat
August 1, 2014 / 3:06 AM / 3 years ago

S.Korea won falls to 10-day low as dollar pressures, stocks nearly flat

* Won dragged down as U.S. jobs data firmed dollar
    * Local shares poised for third week of gains

    By Christine Kim
    SEOUL, Aug 1 (Reuters) - The South Korean won eased to its lowest in
10 trading sessions early on Friday, pressured by the dollar's strength on the
back of resurgent labour cost data in the US.
      The won  was quoted at 1,032.1 against the dollar as of 0240
GMT, down 0.4 percent from Thursday's domestic close at 1,027.9. It fell to
1,034.1 shortly after markets opened, the won's lowest since July 18.
    The greenback firmed after U.S. labour costs recorded their biggest gain in
more than 5-1/2 years, sparking investor speculation the Federal Reserve could
raise interest rates sooner than expected. 
    "We saw a few exporters' dollar sales shortly after markets opened but
overall dollar demand is firm, including from foreigners. We may be able to see
investors try to reach 1,036 today," said a Seoul-based foreign exchange dealer.
    South Korean stocks were nearly flat as losses stemming from a slump in Wall
Street overnight were offset by a pick-up in Chinese manufacturing data.
 
    The Korea Composite Stock Price Index (KOSPI) was down 0.1 percent
at 2,075.02 points, although it was poised for a third week of gains.
    Electronics stocks were weaker, with market heavyweight Samsung Electronics
Co Ltd trading down around 2 percent and LG Electronics Inc
 slipping a third of a percent.
    Banks outperformed the bourse, with Woori Finance Holdings Co Ltd
 rising more than 2 percent and shares of Industrial Bank Korea
 gaining more than 3 percent.
    Offshore investors continued their buying spree, net-purchasing 69.4 billion
won ($67.25 million) worth of KOSPI shares near midsession, while institutions
took up 125.9 billion won's worth.
    Winners outnumbered losers 458 to 329.
    The KOSPI 200 benchmark of core stocks edged down 0.2 percent,
while the junior KOSDAQ rose 0.7 percent.
    September futures on three-year treasury bonds fell 0.02 points to
trade at 106.95. 
    
                       0240 GMT    Prev close
 Dollar/won             1,032.1       1,027.9
 Yen/won            10.0301/360        9.9976
 *KTB futures            106.95        106.97
 KOSPI                 2,075.02      2,076.12
 * Front-month futures on three-year treasury bonds

 (Additional reporting by Yena Park; Editing by Eric Meijer)

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