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S.Korea stocks slips to 2-wk low as the market goes ex-dividend, won flat
December 28, 2016 / 3:03 AM / a year ago

S.Korea stocks slips to 2-wk low as the market goes ex-dividend, won flat

* Stock trade will be calm in Jan, waiting for global events
-analyst
    * Won showing little change

    SEOUL, Dec 28 (Reuters) - South Korean shares sharply fell
to a two-week intraday low early on Wednesday as investors' sold
stocks when they went ex-dividend. 
    The Korea Composite Stock Price Index (KOSPI) was
down 0.7 percent at 2,025.56 points as of 0222 GMT. It went as
low as 2,020.86, lowest level since December 12, 2016.
    "Given that there were substantial gains in the index of
late, investors are taking a breather and trading cautiously
after the ex-dividend date is over. Investors are also waiting
for global events in January such as Donald Trump's inauguration
and Federal Reserve policy meeting," said Cho Byung-hyun, a
stock analyst at Yuanta Securities.
    Cho added said it was a good sign for the market that
foreign investors were not offloading a huge amount of shares
even as economic confidence was somewhat subdued. 
    Offshore investors were set to be net sellers, offloading a
net 24.3 billion Korean won ($20.14 million) worth of KOSPI
shares near mid-session. 
    Decliners outnumbered advancers 472 to 328.
    Carmaker Hyundai Motor Co lost nearly 2 percent
while Korea Electric Power Corp fell more than 4
percent. 
    The South Korean won barely moved, standing at
1,207.3 to the dollar comapared to the previous close at
1,207.6. 
    March futures on three-year treasury bonds gained
0.04 point to 109.50. 
    
                       0254 GMT    Prev close
 Dollar/won             1,207.3       1,207.6
 Yen/won             10.2501/80       10.2730
 *KTB futures            109.50        109.46
 KOSPI                 2,027.73      2,042.17
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Eric Meijer)

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