March 30, 2017 / 3:00 AM / in 4 months

S.Korea won weakens; Samsung Electronic up 1 pct after Galaxy S8 launch

3 Min Read

    * Won's narrow move likely to continue; US GDP data eyed
    * Shares edge down due to profit-taking

    SEOUL, March 30 (Reuters) - The South Korean won       
edged down early on Thursday, caught in conflicting currents
from international markets as oil prices rose sharply,
supporting emerging market currencies, while the dollar made
broad gains due to  worries over Brexit.             
            
    The won            stood at 1,115.9 to the dollar as of 0237
GMT, down 0.1 percent from Wednesday's close of 1,114.2.
    "The greenback's strength is not hugely affecting markets as
strong oil prices are supporting emerging currencies including
the won," noted Jung Sung-yoon, a foreign exchange analyst at
Hyundai Futures, even though South Korea is an oil importer.
    Jung added that the won will be trading narrowly throughout
the session while the investors await U.S. fourth-quarter GDP
data coming out later in the day.
    South Korean shares edged down as local investors sold
stocks to take profits.
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.3 percent at 2,161.33 points.
    Offshore investors, however, were poised to be net buyers
for fourth straight sessions, purchasing 46 billion Korean won
($41.24 million) worth of KOSPI shares near mid-session. 
    Shares of tech giant Samsung Electronic             rose
over 1 percent after its launch of Galaxy S8 flagship
smartphone, the company's first new premium phone since its
September recall of all Galaxy Note 7 smartphones equipped with
fire-prone batteries.             
    SK Innovation             rose 1.8 percent following the
global oil price rise.
    Decliners outnumbered advancers 495 to 285.
    June futures on three-year treasury bonds         gained
0.04 point to 109.54. 
    
                       0237 GMT    Prev close
 Dollar/won             1,115.9       1,114.2
 Yen/won             10.0215/97        9.9988
 *KTB futures            109.54        109.50
 KOSPI                 2,161.33      2,166.98
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Simon Cameron-Moore)
  

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