* Foreign stock-selling, June Fed meeting to cap won
* Foreigners set to be net stock-sellers for 3 straight
SEOUL, May 16 The South Korean won
climbed to six-week highs early on Tuesday, as the dollar
continued to weaken in global markets while a jump in oil prices
improved investor risk appetite.
The won was quoted at 1,118.1 against the
greenback as of 0232 GMT, the highest intraday level since April
4. It was up 0.5 percent versus Monday's close of 1,123.6.
"The local currency gained strength following a strong Wall
Street, which was boosted by the global oil price rise amid
dollar weakness," said Ha Keon-hyeong, a foreign exchange
analyst at Shinhan Investment Corp.
He added that it was doubtful whether the won would
strengthen beyond the 1,100 won per dollar level as foreign
investors seemed to be selling local equities while the Federal
Reserve's June meeting was also near.
South Korean shares wobbled after notching another record
high right after the market opened as foreign stock-selling
offset support from upbeat U.S. stocks.
The Korea Composite Stock Price Index (KOSPI) was
down 0.1 percent at 2,289.02 points, still hovering near its
record intraday high hit on May 10 when it reached 2,323.22.
Offshore investors sold a net 65.9 billion won ($59 million)
worth of KOSPI shares near mid-session, weighing on the index.
Tech giant Samsung Electronics rose nearly 1
percent while Korea Electric Power Corp lost more
than 3 percent.
Decliners outnumbered advancers 522 to 280.
June futures on three-year treasury bonds gained
0.02 point to 109.35.
0232 GMT Prev close
Dollar/won 1,118.1 1,123.6
Yen/won 9.8502/63 9.8164
*KTB futures 109.35 109.33
KOSPI 2,289.02 2,290.65
* Front-month futures on three-year treasury bonds
(Reporting by Dahee Kim; Editing by Jacqueline Wong)