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S.Korean won firms to 5-month high, shares slip on profit taking
March 20, 2017 / 6:58 AM / 9 months ago

S.Korean won firms to 5-month high, shares slip on profit taking

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SEOUL, March 20 (Reuters) - The South Korean won closed at the strongest in five months on Monday as the greenback continued to slip after the Federal Reserve last week stuck to a gradual pace policy tightening, disappointing some who had expected it to raise rates more quickly.

The won was quoted at 1,120.1 to the dollar at the conclusion of onshore trade, the strongest level since the currency touched 1,118.90 on October 20 last year, and up 0.95 percent compared to Friday’s close of 1,130.90.

South Korean shares declined on profit taking.

The Korea Composite Stock Price Index (KOSPI) closed down 0.4 percent at 2,157.01 points, after a reaching a near two-year high last week.

Foreign investors snapped a 10-day buying spree and offloaded a net 84.65 billion Korean won ($75.59 million)($0.0756)worth of shares. ($1 = 1,119.8100 won) (Reporting by Cynthia Kim; Editing by Kim Coghill)

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