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S.Korea won edges up on reduced N.Korea tension, stocks down
April 19, 2017 / 2:44 AM / 7 months ago

S.Korea won edges up on reduced N.Korea tension, stocks down

    * Won adjusting from previous losses -analyst
    * KOSPI weighed by weaker global stocks, foreign selling

    SEOUL, April 19 (Reuters) - The South Korean won       
edged up early on Wednesday as market fears around North Korea
were partially alleviated when U.S. Defense Secretary Jim Mattis
pledged the United States would work with China to reduce
tensions.             
    Weaker-than-expected U.S. economic data also broadly
pressured the greenback.             
    The won            stood at 1,140.7 to the dollar as of 0225
GMT, up 0.1 percent compared to Tuesday's close of 1,142.4.
    "The won seems to be recovering after seeing a sharp loss on
Tuesday," said Jung Sung-yoon, a foreign exchange analyst at
Hyundai Futures.
    The local currency fell nearly 0.8 percent at mid-session on
Tuesday because of heightened tension after U.S. Vice President
Mike Pence reassured Japan of Washington's commitment to reining
in North Korea's nuclear weapons programme.             
    Jung added the North Korea issue had become watered down in
markets, with investors' attention shifting to other factors
such as U.S. economic data.
    South Korean shares slumped in response to downbeat global
stock markets, especially Wall Street.
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.6 percent at 2,136.14 points.
    Offshore investors were set to be sellers of KOSPI shares,
offloading a net 77.5 billion Korean won ($67.98 million) worth,
also weighing on the index.
    Shares of Hyundai Motor             fell nearly 3 percent,
while S-Oil             strengthened nearly 4 percent. 
    Decliners outnumbered advancers 509 to 252.
    June futures on three-year treasury bonds         gained
0.07 point to 109.54. 
    
                       0225 GMT    Prev close
 Dollar/won             1,140.7       1,142.4
 Yen/won             10.5048/42       10.5269
 *KTB futures            109.54        109.47
 KOSPI                 2,136.14      2,148.46
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Eric Meijer)
  

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