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S.Korean won up on softer U.S. data; stocks flat
May 14, 2015 / 3:06 AM / 3 years ago

S.Korean won up on softer U.S. data; stocks flat

By Yeawon Choi
    SEOUL, May 14 (Reuters) - The South Korean won rose
early on Thursday as poor U.S. retail sales data was widely seen
as easing the case for an early interest rate increase by the
Federal Reserve.
    The won was up 0.5 percent at 1,094.8 to the
dollar as of 0245 GMT from the previous close at 1,099.7 as the
U.S. currency came under pressure globally. 
    Some traders said the won's upside was limited by
speculation that the South Korean authorities may intervene and
buy dollars to curb the local currency's strength.
    "The won will trade at around 1,095 today as further
movements were limited over possible intervention by the local
authorities," said Park Yuna, a foreign exchange analyst at
Dongbu Securities.
    Meanwhile, Seoul shares were nearly flat standing at 2,117.0
points on choppy trade, with the Korea Composite Stock Price
Index (KOSPI) up 0.1 percent. On Wednesday, it closed at
2,114.16.
    Shinsegae Co Ltd jumped 8 percent as investors
bet the company's plan to operate a duty-free shop in central
Seoul will help sharply boost its growth. It is vying for a
government licence to operate the duty-free shop.
    Shares in Daum Kakao, the country's leading
Internet portal and mobile messaging service operator, jumped 5
percent after saying it was considering options for Internet
banking services. 
    June futures on three-year treasury bonds were down
0.02 points at 108.82 ahead of the central bank's monthly policy
meeting on Friday, when most analysts surveyed by Reuters expect
the Bank of Korea to hold interest rates steady. 
                      0245 GMT     Prev close
 Dollar/won            1,094.8        1,099.7
 Yen/won            9.1782/848         9.1624
 *KTB futures           108.82         108.84
 KOSPI                2,117.00       2,114.16
 * Front-month futures on three-year treasury bonds 

 (Editing by Jacqueline Wong)

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