December 29, 2016 / 2:36 AM / 7 months ago

S.Korea stocks slide to 3-wk low as Wall Street steps back; won rebounds

2 Min Read

* Overall market calm on final trading day of 2016
    * Foreign stock-selling weigh on KOSPI
    * Won up, rebounding from earlier losses

    SEOUL, Dec 29 (Reuters) - South Korean shares ticked down to
a three-week low early on Thursday, the last trading day of the
year, as investors offloaded stocks following a mostly sluggish
session on Wall Street.
    The Korea Composite Stock Price Index (KOSPI) was
down 0.1 percent at 2,021.62 points as of 0220 GMT after
touching the lowest level since December 8, 2016.
    The KOSPI was set to post biggest yearly percentage gain of
more than 3 percent in four years.
    "Since today is the final day of the market, there will not
be much going on and therefore trading is likely to remain
muted," said Bae Sung-young, a stock analyst at Hyundai
Securities.    
    Offshore investors were set to be net sellers, offloading
26.6 billion Korean won ($22.04 million) worth of KOSPI shares
near mid-session, weighing on the index. 
    Shares SK Hynix Inc lost 1.4 percent while LG
Display dropped nearly 2 percent. 
    Decliners outnumbered advancers 486 to 303.  
    The South Korean won inched up, reversing losses
suffered after Finance Minister Yoo Il-ho said the currency's
fall against the dollar is not fast. 
    The won stood at 1,208.0 against the dollar, up
0.2 percent compared with Wednesday's close of 1,210.5.
    The currency was set to post a third straight year of
decline.
    March futures on three-year treasury bonds gained
0.12 point to 109.67. 
    
                       0220 GMT    Prev close
 Dollar/won             1,208.0       1,210.5
 Yen/won             10.3310/26       10.3251
 *KTB futures            109.67        109.55
 KOSPI                 2,021.62      2,024.49
 * Front-month futures on three-year treasury bonds
    

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

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