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S.Korea stocks touch over 3-mth high on optimistic outlook; won eases
January 11, 2017 / 2:36 AM / 8 months ago

S.Korea stocks touch over 3-mth high on optimistic outlook; won eases

* Expectations grow about Korean companies' Q4 earnings data
    * Foreigners continue stock purchases, set to mark 11th
buying session

    SEOUL, Jan 11 (Reuters) - South Korean shares rose to their
highest intraday level in three months early on Wednesday as
foreign investors snapped up shares in expectations that
fourth-quarter earnings would be stronger.
    The Korea Composite Stock Price Index (KOSPI) was up
0.9 percent at 2,064.08 points as of 0214 GMT, the highest since
October 7, 2016.
    "December quarter data is to be released in coming weeks,
and market players believe that most of the companies will meet
the current market consensus (fiorecasts)," said Bae Sung-young,
a stock analyst at Hyundai Securities.
    Offshore investors were poised to be net buyers for 11
sessions, purchasing 240.4 billion Korean won ($200.58 million)
worth of KOSPI shares near mid-session.
    Steelmaker Posco rose more than 5 percent, while
tech giant Samsung Electronics gained 1.3 percent,
making fresh highs.
    Decliners and advancers were almost even at 396 to 389.
    The South Korean won was quoted at 1,198.9 to the
dollar, down 0.4 percent compared to Tuesday's close of 1,194.6.
 
    March futures on three-year treasury bonds lost 0.02
point to 109.59. 
    
                       0214 GMT    Prev close
 Dollar/won             1,198.9       1,194.6
 Yen/won             10.3160/41       10.3713
 *KTB futures            109.59        109.61
 KOSPI                 2,064.08      2,045.12
 * Front-month futures on three-year treasury bonds
    

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

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