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S.Korea won down for 6th day on domestic, global headwinds; stocks steady
December 22, 2016 / 2:55 AM / a year ago

S.Korea won down for 6th day on domestic, global headwinds; stocks steady

* Won could fall as low as 1,210 level -analyst
    * Foreigners set to be net buyers of shares for 5th straight
session

    SEOUL, Dec 22 (Reuters) - The South Korean won 
extended its declines against the dollar for a sixth straight
session on Thursday morning, as worries about global and
domestic headwinds seeing analysts predicting further losses. 
    The won was quoted at 1,196.8 as of 0234 GMT,
down 0.2 percent compared to Wednesday's close of 1,193.9.
    Earlier in the day, the nation's central bank said there is
a chance growth next year may slow below an expected 2.8 percent
and highlighted obstacles to a rebound including capital
outflows expected from interest rate hikes in the U.S.  
 
    Kim Doo-un, a foreign exchange analyst at Hana Futures, said
the won is likely to weaken further against the dollar as the
Federal Reserve raises interest rates at a quicker pace and
uncertainties about Donald Trump's policies persist. 
    "The won could possibly fall as low as 1,210 level unless
global oil prices rise," Kim said.
    South Korean shares barely moved, with the Korea Composite
Stock Price Index (KOSPI) at 2,038.11 points.    
    Offshore investors purchased a net 36.2 billion Korean won
($30.27 million) worth of KOSPI shares near mid-session.
    Chipmaker SK Hynix Inc rose as much as 3.7
percent on its plans to invest 3.16 trillion won ($2.7 billion)
in its home country and China to boost memory chip production
capacity. 
    Shares of LG Display Co Ltd gained more than 2
percent, notching the highest level since mid-August.
    Decliners outnumbered advancers 484 to 303.
    March futures on three-year treasury bonds lost 0.03
point to 109.44. 
    
                       0234 GMT    Prev close
 Dollar/won             1,196.8       1,193.9
 Yen/won             10.1734/85       10.1496
 *KTB futures            109.44        109.47
 KOSPI                 2,038.11      2,037.96
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)

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