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S.Korea won scales 4-wk high, stocks hurt by losses in Samsung Electronics
August 28, 2017 / 3:58 AM / 25 days ago

S.Korea won scales 4-wk high, stocks hurt by losses in Samsung Electronics

    * Yellen's speech at Jackson Hole disappoints markets
    * Seoul stocks down as Samsung Electronics falls

    SEOUL, Aug 28 (Reuters) - The South Korean won        rose
to near four-week highs early on Monday as the dollar stumbled
after Federal Reserve Chief Janet Yellen gave no clues on the
U.S. monetary policy outlook at a central bankers' meeting over
the weekend.            
    The dollar was also under pressure with the euro hitting a
2-1/2-year peak after the European Central Bank President Mario
Draghi refrained from talking down the single currency.
Moreover, the U.S. currency appeared to be undermined by
Hurricane Harvey, which pummeled the heart of America's energy
industry.                         
    The won            was quoted at 1,121.1 against the dollar,
up 0.6 percent versus Friday's close of 1,128.2, its strongest
intraday level since Aug. 2. 
    "(European Central Bank President) Mario Draghi's
comments..boosted demand for the euro, broadly weakening the
dollar in global markets," said Min Gyeong-won, a foreign
exchange analyst at NH Futures.
    He said markets will probably take a cautious stance ahead
of a raft of U.S. and domestic economic data such inflation and
exports. 
    South Korean shares were lower, dragged down by foreign
selling in heavyweight Samsung Electronics            . 
    On Friday, the billionaire head of Samsung Group, Jay Y.
Lee, was jailed for five years for bribery, raising worries
about a leadership vacuum.             
    Lee's defence lawyer has filed an appeal against the
five-year jail term, the Seoul Central District Court's website
said on Monday without giving details.             
    The Korea Composite Stock Price Index (KOSPI)         was
down 0.3 percent at 2,369.03 points.
    Offshore investors were set to be net sellers of KOSPI
shares, disposing a net 33.9 billion Korean won ($30.26 million)
worth near mid-session. 
    The sub-index for electric & electronics         fell 1.3
percent with Samsung Electronics             and SK Hynix
            down 1.5 percent and 1 percent, respectively.
    September futures on three-year treasury bonds        
remained at 109.24, unchanged. 
    
                       0238 GMT    Prev close
 Dollar/won             1,121.2       1,128.2
 Yen/won             10.2693/58       10.2475
 *KTB futures            109.24        109.24
 KOSPI                 2,369.03      2,378.51
 * Front-month futures on three-year treasury bonds
    

 (Reporting by Dahee Kim; Editing by Shri Navaratnam)
  

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