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S.Korea stocks, won flat ahead of ruling on president's impeachment
March 10, 2017 / 2:06 AM / 8 months ago

S.Korea stocks, won flat ahead of ruling on president's impeachment

    * KOSPI may be hampered if impeachment rejected, but will
recover soon - analyst
    * Foreign investors set to snap 4-day buying spree

    SEOUL, March 10 (Reuters) - South Korea's share market and
won        trading were subdued early on Friday, with
participants taking a cautious stance ahead of a ruling of
President Park Geun-hye's impeachment. 
    South Korea's Constitutional Court will soon deliver a
ruling on a parliamentary vote impeaching Park.             
    If the court upholds parliament's Dec. 9 vote to impeach her
over an influence-peddling scandal, she would be the country's
first democratically elected leader to be forced from power, and
an election would likely be called for May.
    The court will begin a hearing to deliver its ruling at 11
a.m. (0200 GMT)
    The Korea Composite Stock Price Index (KOSPI)         was
almost unchanged at 2,091.22 points as of 0144 GMT.
    The won            stood at 1,159.6 against the dollar, down
0.1 percent compared with Thursday's close of 1,158.1. It
briefly touched its lowest intraday level since Jan 31.
    "If the court upholds the impeachment, it will actually
support the index by clearing up political uncertainties from
the market," said Cho Byung-hyun, a stock analyst at Yuanta
    Cho added that rejection could hamper the KOSPI, but the
downturn would not last long as shares of exporting companies,
which make up a bigger part in the stock market, will recover
fast in the wake of global economic improvement.
    Offshore investors were set to snap a four-day buying spree,
selling a net 21.3 billion Korean won ($18.37 million) worth of
KOSPI shares near mid-session. 
    Market heavyweight Samsung Electronic             fell 0.2
percent while SK Hynix             rose 1.4 percent.
    Decliners outnumbered advancers 517 to 252.
    March futures on three-year treasury bonds         shed 0.02
point to 109.17. 
                       0144 GMT    Prev close
 Dollar/won             1,159.6       1,158.1
 Yen/won             10.0668/12       10.0808
 *KTB futures            109.17        109.19
 KOSPI                 2,091.22      2,091.06
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Jacqueline Wong)

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