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S.Korea won, stocks dip but strong exports curb losses
June 1, 2017 / 2:33 AM / 6 months ago

S.Korea won, stocks dip but strong exports curb losses

    * Sentiment subdued on oil price decline, weak Wall Street
    * S.Korea exports up for 7th month; rose 13.4 pct y/y

    SEOUL, June 1 (Reuters) - The South Korean won        and
shares eased on Thursday in line with global market weakness,
but losses were capped by strong export data. 
    The won            was quoted at 1,119.7 against the dollar
as of 0220 GMT, almost unchanged versus Wednesday's close of
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.2 percent at 2,343.39 points.
    South Korea's exports grew at a double-digit pace in May,
expanding for the seventh consecutive month on strong world
demand and suggesting the trade-reliant economy is picking up
    "With a slight drop in global oil prices and weaker Wall
Street combined, investment sentiment seems to have subdued,
pressuring the local currency market. Firm export data is
preventing further losses, though," said Paik Seokhyun, a
foreign exchange analyst at Shinhan Bank. 
    Offshore investors were set to be net sellers, offloading
37.9 billion Korean won ($33.85 million) worth of KOSPI shares
near mid-session, weighing on the index. 
    Shares of E-Mart Inc             rose as much as 2.3 percent
to its highest price level in almost 2 years, after the company
said it will close its stores in China after 20 years in the
country, blaming ongoing losses.             
    Automobile manufacturer Kia Motors             rose nearly 2
percent while steelmaker Posco             lost over 2 percent. 
    Decliners outnumbered advancers 506 to 290.
    June futures on three-year treasury bonds         gained
0.05 point to 109.58. 
                       0220 GMT    Prev close
 Dollar/won             1,119.7       1,119.5
 Yen/won             10.0944/07       10.0970
 *KTB futures            109.58        109.53
 KOSPI                 2,343.39      2,347.38
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Kim Coghill)

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