October 14, 2016 / 2:31 AM / 9 months ago

S.Korea won rebounds as dollar weakens; stocks climb

2 Min Read

* Won set to snap three-day losing streak
    * KOSPI supported by institutions, foreigners' purchases

    SEOUL, Oct 14 (Reuters) - The South Korean won 
rebounded early on Friday, paring losses from the past three
days, as the dollar weakened after its recent global rally, and
supported by foreign investors' eager buying of Seoul stocks. 
    The won was quoted at 1,132.0 as of 0224 GMT,
versus its previous close at 1,135.9.
    "The won fell a lot during past three days, and therefore
seems to be adjusting the level today," said Jeong My-young, a
foreign exchange analyst at Samsung Futures.
    "However, in the long term, the won will continue its
downward movement as forecasts of U.S. Federal Reserve's
December rate hike are still very dominant," added Jeong.
    South Korean shares also rose on stock purchases from
domestic institutions and offshore investors.
    The Korea Composite Stock Price Index (KOSPI) was up
0.5 percent at 2,025.99 points.
    Offshore investors were expected to be net buyers,
purchasing a net 43.3 billion Korean won ($38.84 million) worth
of KOSPI shares while local institutions bought a net 28.3
billion won worth near mid-session.
    Shares of Samsung Electronics Co Ltd gained 0.6
percent on Friday morning after it said it expected to take a
greater profit hit from the demise of its fire-prone Galaxy Note
7 smartphones. 
    Doosan Heavy Industries & Construction Co Ltd 
rose more than 3 percent after winning 952 billion won order to
build power generation facility in the Philippines from Redondo
Peninsula Energy Corporation. 
    Decliners outnumbered advancers 434 to 337.
    December futures on three-year treasury bonds shed
0.05 point to 110.66. 
    
                       0224 GMT    Prev close
 Dollar/won             1,132.0       1,135.9
 Yen/won             10.8984/94       10.8831
 *KTB futures            110.66        110.71
 KOSPI                 2,025.99      2,015.44
 * Front-month futures on three-year treasury bonds


 (Reporting by Dahee Kim)

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