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S.Korea won slips on profit-taking, EU/US political uncertainty
February 7, 2017 / 2:44 AM / 10 months ago

S.Korea won slips on profit-taking, EU/US political uncertainty

* Political woes from EU pressuring won
    * Won unlikely to fall beyond mid-1,140 level -analyst

    SEOUL, Feb 7 (Reuters) - The South Korean won fell
early on Tuesday as investors backed off, thinking that the
currency has firmed enough for the short-term while political
anxieties stemming from the European Union also pressured the
    The won stood at 1,141.4 as of 0219 GMT, down 0.3
percent compared to Monday's close of 1,137.9.
    France far-right party leader Marine Le Pen on Sunday
pledged to fight against globalisation and for France to leave
the European Union.
    She took the lead in a poll on voting intentions for the
first round of the upcoming presidential election. 
    "The greenback is trying to rebound from recent losses as
demand for safe-haven assets returned due to political woes from
the EU," said Jung Sung-yoon, a foreign exchange analyst at
Hyundai Futures.
    Jung added, however, it will be hard for the dollar to push
the won below the mid-1,140 level because other uncertainties
such as the Federal Reserve's future rate hikes and U.S.
President Donald Trump's policies persist in the market.
    South Korean shares were flat amid the absence of market
    The Korea Composite Stock Price Index (KOSPI) was
down 0.1 percent at 2,075.19 points.
    Offshore investors were expected to be sellers, offloading a
net 63.9 billion Korean won ($55.96 million) worth of KOSPI
shares near mid-session.
    Chipmaker SK Hynix Inc rose nearly 1 percent
after the company was said to have submitted an initial bid to
acquire a stake in Toshiba Corp's memory chip business.
    Samsung Electronics lost 1.5 percent.
    Decliners outnumbered advancers 440 to 354.
    March futures on three-year treasury bonds gained
0.11 point to 109.60. 
                       0219 GMT    Prev close
 Dollar/won             1,141.4       1,137.9
 Yen/won             10.2054/49       10.1440
 *KTB futures            109.60        109.49
 KOSPI                 2,075.19      2,077.66
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Editing by Eric Meijer)

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