Reuters logo
10 months ago
S.Korea won, stocks step up on cautious Fed official's comments
October 18, 2016 / 2:31 AM / 10 months ago

S.Korea won, stocks step up on cautious Fed official's comments

* Market sees Fed more cautious about raising rates -analyst
    * Future U.S. economic data in spotlight for rate hike clues

    SEOUL, Oct 18 (Reuters) - The South Korean won and
shares inched up on Tuesday after U.S. Federal Reserve Vice
Chair Stanley Fischer offered cautious remarks about raising
interest rates.
    The won was quoted at 1,133.8 as of 0216 GMT, up
0.4 percent compared to Monday's close of 1,137.9.
    The Korea Composite Stock Price Index (KOSPI) was up
0.2 percent at 2,032.30 points.
    Fischer said on Monday that the U.S. economy may face longer
and deeper recessions if interest rates remain stuck at current
low levels but added that raising rates is "not that simple."
 
    Park Sung-woo, a foreign exchange analyst at NH Futures,
said that the market seems to have regarded Fischer's statement
as being less confident about the state of the U.S. economy,
denting the greenback's current rally.
    He added economic indicators released from the U.S. in days
ahead would determine the direction of the market.
    Offshore investors were set to be buyers of South Korean
shares for four straight sessions, purchasing a net 62.3 billion
Korean won ($55.89 million) worth of KOSPI stocks near
mid-session. 
    Chipmaker SK Hynix Inc was down 2 percent while
LG Display Co Ltd lost 1.8 percent.
    Decliners and advancers were almost even by 396 to 380.
    December futures on three-year treasury bonds gained
0.05 point to 110.61. 
    
                       0216 GMT    Prev close
 Dollar/won             1,133.8       1,137.9
 Yen/won             10.9082/06       10.9293
 *KTB futures            110.61        110.56
 KOSPI                 2,032.30      2,027.61
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Kim Coghill)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below