January 3, 2017 / 3:15 AM / in 7 months

S.Korea won steady, stocks edge up; Fed minutes, U.S. data in focus

2 Min Read

* Won pares losses on upbeat Chinese manufacturing survey
    * KOSPI strengthens as foreign investors continue stock
buying

    SEOUL, Jan 3 (Reuters) - The South Korean won barely
moved early on Tuesday though the dollar regained strength in
the global market as Chinese factory activity picked up more
than expected. 
    Analysts expect that U.S. economic data and Federal Reserve
meeting minutes coming up this week will offer some clues about
the won's next move.
    The won was quoted at 1,206.9 against the dollar
as of 0238 GMT, up 0.1 percent compared with Monday's close of
1,208.0. It went as low as 1,211.8 at the beginning of the
session.
    "We will have to see how the Fed is viewing Donald Trump's
economic policies and its stance about U.S. inflation and growth
in detail so that we could be ready for the won's future
movement," said Ha Keon-hyeong, a foreign exchange analyst at
Shinhan Investment Corp.
    The Fed will release minutes of its December meeting on
Wednesday.
    South Korean shares edged up, with selective buying and
foreign fund flows supporting the index.
    The Korea Composite Stock Price Index (KOSPI) was up
0.5 percent at 2,035.97 points.
    Offshore investors were expected to be net buyers,
purchasing 70.8 billion Korean won ($58.67 million) worth of
KOSPI shares near mid-session, buttressing the index. 
    Tech firm LG Electronics Inc gained 2.9 percent
while steelmaker POSCO lost nearly 2 percent. 
    Advancers slightly outnumbered decliners by 424 to 374.
    March futures on three-year treasury bonds gained
0.01 point to 109.63. 
    
                       0238 GMT    Prev close
 Dollar/won             1,206.9       1,208.0
 Yen/won             10.2711/09       10.2342
 *KTB futures            109.63        109.62
 KOSPI                 2,035.97      2,026.16
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Jacqueline Wong)

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