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S.Korea won weaker as dollar in driver's seat; stocks shaky
December 23, 2016 / 2:29 AM / a year ago

S.Korea won weaker as dollar in driver's seat; stocks shaky

* Won down for seven consecutive sessions on grim market
    * Won set to close at lowest since March 2016; KOSPI wobbles

    SEOUL, Dec 23 (Reuters) - The South Korean won fell
against the dollar for the  seventh straight session early on
Friday, as the broadly bullish outlook for the U.S. economy kept
the greenback's rivals pressured. 
    The won was quoted at 1,203.8 as of 0201 GMT,
down 0.4 percent compared with Thursday's close of 1,199.1.
    South Korean shares was subdued with the Korea Composite
Stock Price Index (KOSPI) almost flat at 2,036.52
    Jeon Seung-ji, a foreign exchange analyst at Samsung Futures
said,  the currency could pare its losses if foreign exchange
authorities act to smooth one-sided movement since trading
volumes aren't that high.
    "Therefore, sudden falls beyond current level is not
expected at least for today's session," added Jeon.
    The dollar has been on a tear since Donald Trump's election
victory last month, driven by soaring Treasury yields on
expectations the incoming administration will boost fiscal
spending, and set U.S. growth on a higher gear.
    Offshore investors were set to be small net sellers of KOSPI
shares near mid-session.
    Tech giant Samsung Electronic Co Ltd lost nearly
1 percent while automobile manufacturer Kia Motors Corp
 gained 1 percent. 
    March futures on three-year treasury bonds were
steady at 109.57. 
                       0201 GMT    Prev close
 Dollar/won             1,203.8       1,199.1
 Yen/won             10.2392/71       10.2428
 *KTB futures            109.57        109.57
 KOSPI                 2,036.52      2,035.73
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)

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