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S.Korea stocks, won trade calm; political, economic events eyed
June 7, 2017 / 2:34 AM / 6 months ago

S.Korea stocks, won trade calm; political, economic events eyed

    * ECB policy meeting, Comey's testimony, Britain's election
    * KOSPI to gain further once the events are digested

    SEOUL, June 7 (Reuters) - South Korean shares and the won
drifted early on Wednesday with market sentiment subdued ahead
of several major events set for Thursday: A European Central
Bank policy meeting, Britain's general election, and
congressional testimony from former FBI director James Comey. 
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.1 percent at 2,366.02 points as of 0212 GMT.
    The won            stood at 1,120.9 against the dollar, down
0.2 percent compared to Monday's close of 1,118.3.
    "Though the investors are holding positions for now, the
index is likely to continue going upward after the market
digests all those events. The events will not hurt current
fundamentals," said Kim Ye-eun, a stock analyst at Cape
Investment & Securities.
    Offshore investors were set to be net buyers, purchasing
50.5 billion Korean won ($45.04 million) worth of KOSPI shares
near mid-session, while local institutions offloaded a net 149.6
billion won worth.
    Shares of LG Display             gained nearly 3 percent
after several analyst reports predicted strong earnings in
coming quarters. Messaging app operator Kakao Corp            
also rose 2.6 percent, pushed up by expectations for better
earnings in the second half.
    Decliners outnumbered advancers 423 to 353.
    June futures on three-year treasury bonds         were
unchanged at 109.70. 
                       0212 GMT    Prev close
 Dollar/won             1,120.9       1,118.3
 Yen/won             10.2337/74       10.2099
 *KTB futures            109.70        109.70
 KOSPI                 2,366.02      2,368.62
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Eric Meijer)

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