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S.Korea won slips to 2-week low before key global events, stocks down
June 8, 2017 / 2:26 AM / 5 months ago

S.Korea won slips to 2-week low before key global events, stocks down

    * Further losses in won unlikely for the day -analyst
    * Dlr to regain after events, pushing won down to 1,130
level

    SEOUL, June 8 (Reuters) - The South Korean won        edged
down to a two-week low early on Thursday as investors were
nervous before the European Central Bank's policy meeting,
elections in Britain and congressional testimony from ex-FBI
director James Comey who was fired by President Donald Trump
last month.
    Domestic markers, however, appeared to take in stride the
firing of several land-to-ship missiles by North Korea. 
            
    The won            was quoted at 1,125.0 against the dollar
as of 0202 GMT, down 0.1 percent from Wednesday's close of
1,124.0 and off a May 24 low of 1,127.1 touched earlier.
    "The currency declined more than expected at the end of
yesterday's session, and therefore additional losses are very
unlikely for today," said Ha Keon-hyeong, a foreign analyst at
Shinhan Investment Corp.
    Ha expects the won to weaken toward the 1,130 level in the
event Comey's Senate appearance later in the day fails to show
Trump may have been engaged in obstruction of justice - an
offence that could lead to impeachment hearings.
    South Korean shares lost ground for a third straight
session, with the Korea Composite Stock Price Index (KOSPI)
        down 0.3 percent at 2,353.67 points.
    Offshore investors were poised to be net sellers, offloading
93.4 billion Korean won ($83.02 million) worth of KOSPI shares
near mid-session. 
    Shares of SK Innovation             fell nearly 2 percent
while steelmaker Posco             lost 1.1 percent. 
    Decliners outnumbered advancers 493 to 288.
    June futures on three-year treasury bonds         shed 0.02
point to 109.67. 
    
                       0202 GMT    Prev close
 Dollar/won             1,125.0       1,124.0
 Yen/won             10.2394/77       10.2265
 *KTB futures            109.67        109.69
 KOSPI                 2,353.67      2,360.14
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)
  

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