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S.Korea won slips to 1-wk low as dollar rises on Fed; stocks rise
April 20, 2017 / 3:00 AM / 5 months ago

S.Korea won slips to 1-wk low as dollar rises on Fed; stocks rise

    * Fed Beige Book, Fischer's comments support dollar
    * Stocks rebound on demand from offshore investors

    SEOUL, April 20 (Reuters) - The South Korean won       
slipped to a one-week low early on Thursday as market
participants focused on the U.S. Federal Reserve's Beige Book
which highlighted modest-to-moderate expansion of the U.S.
economy, strengthening the dollar.             
    Vice Chair Stanley Fischer's comments that the spillovers of
the Fed rate hikes are "manageable" for foreign economies also
supported the dollar.             
    The won            was quoted at 1,141.6 against the dollar
as of 0233 GMT, down 0.1 percent versus Wednesday's close of
1,140.2. Earlier, the won hit a low of 1,144.7, its weakest
since April 12. 
    "Investors are interpreting Fischer's comments as a signal
for the next rate hike in June, driving up the dollar today,"
said Ha Keon-hyeong, a foreign exchange analyst with Shinhan
Investment Corp.
    South Korean shares edged up on foreign demand. The Korea
Composite Stock Price Index (KOSPI)         was up 0.2 percent
at 2,143.72, after shedding 0.5 percent in the previous session.
    Offshore investors were poised to be buyers of KOSPI shares,
purchasing a net 68.1 billion won ($59.66 million) near
mid-session. 
    Market heavyweight Samsung Electronics             was
headed for a fifth straight session of losses, down 1.9 percent.
    The sub-index for transportation equipment         rose more
than 2 percent with Hyundai Motor             up 3.3 percent and
Kia Motors             2.1 percent higher. 
    Advancers outnumbered decliners by 431 to 326.
    June futures on three-year treasury bonds         shed 0.02
point to 109.47. 
    
                       0233 GMT    Prev close
 Dollar/won             1,141.6       1,140.2
 Yen/won             10.4669/10       10.4949
 *KTB futures            109.47        109.49
 KOSPI                 2,143.72      2,136.40
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Subhranshu Sahu)
  

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