June 30, 2017 / 2:46 AM / 2 months ago

S.Korea won touches 11-wk low, stocks slump

    * Won intraday level lowest since mid-April
    * Won apt to pare losses ahead of S.Korea-U.S summit
-analyst
    * KOSPI edges down; tech shares falter

    SEOUL, June 30 (Reuters) - The South Korean won       
touched over 11-week low early on Friday as investors backed
away from emerging markets in the wake of a broad decline in
global stock markets.
    South Korean bond sales by Franklin Templeton raised
concerns over potential capital outlflows, putting further
presure on the won.             
    The won            was trading down 0.3 percent at 1,144.4
as of 0220 GMT after touching 1,147.0, the lowest intraday level
since April 12. 
    "Though the dollar index is showing further losses in global
markets, the won seems to be responding more to strong risk-off
sentiment and possibilities of additional monetary outflow from
foreigners," said Min Gyeong-won, a foreign exchange analyst at
NH Futures.
    Min, however, did to expect the won to fall further during
the session as investors were likely to be cautious ahead of a
U.S.-South Korean summit.
    In the summit, U.S. President Donald Trump will press South
Korean President Moon Jae-in to solve trade differences over
cars and steel focusing on the nuclear threat from North Korea.
            
    South Korean shares edged down after a big rebound on the
previous day.
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.5 percent at 2,384.57 points.
    Offshore investors were set to be net sellers, offloading
119.5 billion Korean won ($104.45 million) worth of KOSPI shares
near mid-session. 
    The Tech shares sub-index         lost 1.4 percent. Samsung
Electronics             dropped 1.4 percent and SK Hynix
            fell nearly 2 percent. 
    Decliners outnumbered advancers 458 to 315. 
    September futures on three-year treasury bonds        
gained 0.02 point to 109.29. 
    
                       0220 GMT    Prev close
 Dollar/won             1,144.4       1,141.1
 Yen/won             10.2353/98       10.2165
 *KTB futures            109.29        109.27
 KOSPI                 2,384.57      2,395.66
 * Front-month futures on three-year treasury bonds
    

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

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