* Won trades at lowest since late Nov
* Animal vaccine, medicine related shares rally on bird flu
SEOUL, Dec 16 The South Korean won fell
for a third day to a near one-month low in early trade on Friday
as investors continued selling following the Federal Reserve's
rate hike and signal of more to come.
The won was quoted at 1,182.4 against the dollar
as of 0147 GMT, down 0.3 percent from Thursday's local close of
"The dollar rally is still ongoing but the won may be
supported near 1,184-1,185. Chasing it down right now may be
pushing it," said a local bank dealer.
The dealer said he was wary of possible market smoothing
actions by foreign exchange authorities, although traders have
not spotted signs of any intervention yet.
Both the Bank of Korea governor and vice finance minister
have reiterated their previous stance that they would respond to
excessive one-sidedness in the market following the Fed's
decision to hike rates.
South Korean shares were flat, as the Korea Composite Stock
Price Index (KOSPI) was up 0.02 percent at 2,037.75
Shares of animal vaccine makers rose as the government
scrambles to contain an outbreak of highly pathogenic H5N6 bird
flu that has spread nationwide.
Cheil Bio and Choong Ang Vaccine Laboratory
were up 5 percent and 1 percent near midday, both
outperforming junior KOSDAQ which fell 0.1 percent.
December futures on three-year treasury bonds.
0147 GMT Prev close
Dollar/won 1,182.4 1,178.5
Yen/won 10.0042/119 10.0041
*KTB futures 109.46 109.44
KOSPI 2,037.75 2,036.65
* Front-month futures on three-year treasury bonds
(Reporting by Christine Kim; Additional reporting by Kyoung-ho
Lee; Editing by Simon Cameron-Moore)