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S.Korean won at 1-week low on Trump's trade pact comments
April 28, 2017 / 7:08 AM / 5 months ago

S.Korean won at 1-week low on Trump's trade pact comments

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SEOUL, April 28 (Reuters) - The South Korean won slipped to a one-week low on Friday after U.S. President Donald Trump said he would either renegotiate or terminate a free trade pact with Seoul.

Exporters held back their dollar sales despite the usual tendency to do so at month-end, with expectations the U.S. currency could extend its gains in the wake of Trump’s comments.

The won was quoted at 1,137.9 to the dollar at the conclusion of onshore trade, down 0.7 percent compared to Thursday’s close of 1,130.1 - the lowest closing level since April 21.

South Korean shares edged down, snapping a six-day winning streak with the Korea Composite Stock Price Index (KOSPI) ending down 0.2 percent at 2,205.44 points.

For the week, however, the KOSPI, rose 1.9 percent for its biggest weekly percentage gain since mid-March.

Foreign investors broke six-day buying spree of the KOSPI shares, selling a net 23.1 billion won ($20.33 million) worth of equities.

South Korea’s beef importer Hanil Feed Co Ltd skyrocketed as much as 30 percent on expectations that a renegotiation of the free trade deal could enable U.S. beef to freely access the Korean market. (Reporting by Dahee Kim; Editing by Shri Navaratnam)

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