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S.Korean won ends at 4-wk high; Samsung takes a toll on stocks
August 28, 2017 / 7:08 AM / 3 months ago

S.Korean won ends at 4-wk high; Samsung takes a toll on stocks

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SEOUL, Aug 28 (Reuters) - The South Korean won strengthened to near four-week highs on Monday as the U.S. dollar slumped after the Jackson Hole conference where global central bankers failed to say quite what markets wanted to hear.

The won was quoted at 1,120.1 to the dollar at the conclusion of onshore trade, up 0.7 percent compared to Friday’s close of 1,128.2, highest close since Aug. 1.

South Korean shares were dented by declines in Samsung Group shares with the Korea Composite Stock Price Index (KOSPI) closing down 0.4 percent at 2,370.30 points.

Offshore investors, worried about a possible leadership vacuum in Samsung Electronics after Vice Chairman Jay Y. Lee was jailed for five years for bribery, offloaded Samsung shares.

Samsung Electronics, Samsung C&T were down 2 percent and 3.4 percent each for today.

Foreign investors sold a net 59.7 billion won ($53.37 million) worth of KOSPI shares. (Reporting by Dahee Kim; Editing by Eric Meijer)

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