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S.Korea stocks, won hold steady ahead of earnings, Trump-Xi summit
April 5, 2017 / 2:51 AM / 8 months ago

S.Korea stocks, won hold steady ahead of earnings, Trump-Xi summit

    * N.Korea's missile launch ignored by markets
    * Investors focusing on Q1 earnings and Trump-Xi summit
    * KOSPI expected to break 2,200 level in April -analyst

    SEOUL, April 5 (Reuters) - South Korean shares and won
       took a breather early on Wednesday, ahead of
first-quarter earnings and a summit meeting between U.S.
President Donald Trump and Chinese President Xi Jinping later
this week.
    South Korean markets shrugged off a ballistic missile launch
by North Korea earlier on Wednesday. Trump and Xi are expected
to discuss Pyongyang's arms programme when they meet on Thursday
and Friday.                          
    The Korea Composite Stock Price Index (KOSPI)         was at
2,160.73 points as of 0225 GMT, steady versus the previous
close.
    The South Korean won            was quoted at 1,122.7
against the dollar, down 0.1 percent compared to Tuesday's close
of 1,121.9.
    March-quarter earnings are expected to be strong and give
the stock market a lift, as recent macroeconomic data signalled
a recovery, said Cho Byung-hyun, a stock analyst at Yuanta
Securities.
    South Korea's exports grew more than expected in March
thanks to stronger global demand, marking a rise for a fifth
straight month.             
    The first-quarter earnings period will start with tech giant
Samsung Electronics Co Ltd             releasing its guidance on
Friday.
    "The KOSPI could touch the 2,200-point level and even reach
as high as 2,250 points this month," Cho said. 
    Offshore investors were set to be net sellers for a third
consecutive session, offloading 57.1 billion Korean won ($50.87
million) worth of KOSPI shares near mid-session.
    Shares of Ahnlab Inc             soared nearly 20 percent,
after its founder Ahn Cheol-soo clinched his centrist People's
Party nomination to run for president on Tuesday.             
    Hyundai Motor Co             lost nearly 2 percent and Kia
Motors Corp             was down 1.2 percent. 
    Advancers and decliners were even by 384 to 382.   
    June futures on three-year treasury bonds         shed 0.01
point to 109.53. 
    
                       0225 GMT    Prev close
 Dollar/won             1,122.7       1,121.9
 Yen/won             10.1336/09       10.1480
 *KTB futures            109.53        109.54
 KOSPI                 2,160.73      2,161.10
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Randy Fabi)
  

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