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S.Korea won drops as dollar firms on strong US jobs data; stocks subdued
March 9, 2017 / 3:11 AM / 9 months ago

S.Korea won drops as dollar firms on strong US jobs data; stocks subdued

    * Upbeat U.S. private payrolls support dollar, pressuring
    * Won likely to move wildly on Friday on political risk
    * S.Korea markets waiting for onshore, offshore events

    SEOUL, March 9 (Reuters) - The South Korean won        fell
more than 1 percent on Thursday as the dollar firmed on strong
U.S. private sector payrolls, while investors waited for a
ruling on President Park Geun-hye's impeachment and a Fed policy
meeting early next week.             
    South Korea's Constitutional Court will rule on President
Park's impeachment on Friday at 11 a.m. (0200 GMT), a court
spokesman said on Wednesday.             
    The won            stood at 1,155.2 as of 0252 GMT, down 0.9
percent compared with Wednesday's close of 1,145.5. The currency
touched a low of 1,157.2 in early trade.
    "Upbeat private sector jobs data did hike possibilities of
Fed's rate increase next week, though the market players are
waiting for additional data such as wage growth and new
employment," said Jung Sung-yoon, a foreign exchange analyst at
Hyundai Futures.
    The won is likely to strengthen if the court upholds
President Park's impeachment as it would clear up uncertainties
that have been lingering in the market, Jung said.
    "No matter what kind of decision comes from the court, the
won will definitely show wild movement during tomorrow's
session," Jung said.
    South Korean shares barely moved as investors held back
ahead of onshore and offshore events.
    The Korea Composite Stock Price Index (KOSPI)         was at
2,093.55, little changed from the previous close of 2,095.41.
    Offshore investors bought 30.1 billion won ($26.06 million)
worth of KOSPI shares near mid-session, and were set to be net
buyers for a fourth consecutive session.
    Chipmaker SK Hynix             gained nearly 1 percent,
while steelmaker Posco             lost nearly 1 percent.
    Decliners outnumbered advancers by 422 to 365.
    March futures on three-year treasury bonds         shed 0.02
point to 109.22. 
                       0252 GMT    Prev close
 Dollar/won             1,155.2       1,145.5
 Yen/won             10.0917/61       10.0882
 *KTB futures            109.22        109.24
 KOSPI                 2,093.55      2,095.41
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Biju Dwarakanath)

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