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S.Korea stocks, won rebound as investors shake off last week's woes
June 19, 2017 / 2:50 AM / 3 months ago

S.Korea stocks, won rebound as investors shake off last week's woes

    * Investors hunting for bargains after KOSPI's adjustments
last week - analyst
    * Won rebounds, making up for previous sharp losses

    SEOUL, June 19 (Reuters) - South Korean shares and the won
started the week on a firmer note on Monday, shaking off further
disappointing readings on the U.S. economy.
    The Korea Composite Stock Price Index (KOSPI)         was up
0.5 percent at 2,374.62 points as of 0227 GMT, after slipping
0.8 percent last week.
    "Foreign investors and domestic institutions are coming in
to hunt for bargains. Now that the expectations for stronger
global economy are high, the KOSPI is likely to rise for the
week," said Kim Sung-hwan, a stock analyst at Bookook
Securities.
    Offshore investors were set to be net buyers, purchasing a
net 19 billion Korean won ($16.82 million) worth of KOSPI shares
near mid-session.
    Electronics shares continued to recover after a sudden slide
in U.S. tech stocks last week.
    The sub-index for electric & electronics shares            
jumped nearly 2 percent. Market heavyweight Samsung Electronics
            and SK Hynix             rose1.7 percent and 3.6
percent, respectively.  
    Decliners outnumbered advancers 412 to 381. 
    The South Korean won        also rebounded, making up for
sharp losses on Friday.
    The dollar had climbed on Thursday after the Federal Reserve
raised rates as expected and kept the door open for another move
later in the year, but it then faltered on Friday after
weaker-than-expected housing and consumer sentiment
data.            
    The won            stood at 1,129.8 to the dollar, up 0.4
percent compared to the previous close of 1,134.1.
    June futures on three-year treasury bonds         were
unchanged at 109.53. 
    
                       0227 GMT    Prev close
 Dollar/won             1,129.8       1,134.1
 Yen/won             10.1775/57       10.2042
 *KTB futures            109.53        109.53
 KOSPI                 2,374.62      2,361.83
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Kim Coghill)
  

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