September 29, 2016 / 2:31 AM / a year ago

S.Korea stocks, won hit 3-week intraday high on OPEC output deal

* KOSPI set to continue rally -analyst
    * Won later trimmed gains on dollar purchases

    SEOUL, Sept 29 (Reuters) - South Korean shares and the won
rose to a three-week intraday high early on Thursday after OPEC
members agreed to limit crude oil output, its first agreement
since 2008 to cut production. 
    The Korea Composite Stock Price Index (KOSPI) was up
0.8 percent at 2,068.81 points as of 0205 GMT, its highest level
since September 7. 
    The won was quoted at 1,096.0 against the dollar,
trimming its earlier gains on dollar purchases and held steady
compared to Wednesday's close of 1,096.8. The currency touched
as high as 1,091.6.
    Cho Byung-hyun, a stock analyst at Yuanta Securities, said
OPEC's decision added momentum to shares which had risen on
Japan's monetary easing and Hillary Clinton's perceived victory
over Donald Trump in the first presidential debate this week.
     He expected the KOSPI to strengthen further as companies'
overall third-quarter earnings would be positive, although some
uncertainties remained with two more debates still to come in
the U.S. presidential election race. 
    Offshore investors were set to be net buyers, purchasing
73.5 billion Korean won ($67 million) worth of KOSPI shares near
mid-session, buttressing the index. 
    Shares related to Lotte Group climbed after a South Korean
court rejected a request by prosecutors to arrest the group's
chairman Shin Dong-bin, following a wide-ranging corruption
investigation that became public in June. 
    Lotte Shopping Co Ltd gained as much as 3.6 pct
after market open, touching its highest level since June 20,
2016. Lotte Confectionary Co Ltd rose as much as 4.9
pct, set to mark its biggest daily percentage gain since June. 
    Advancers outnumbered decliners 428 to 327.
    December futures on three-year treasury bonds shed
0.04 point to 110.78. 
    
                       0205 GMT    Prev close
 Dollar/won             1,096.0       1,096.8
 Yen/won             10.8111/90       10.8392
 *KTB futures            110.78        110.82
 KOSPI                 2,068.81      2,053.06
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Eric Meijer)

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