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S.Korea won, stocks at 2-week high as strong Wall Street boosts sentiment
August 23, 2017 / 3:06 AM / a month ago

S.Korea won, stocks at 2-week high as strong Wall Street boosts sentiment

    * Markets became risk-friendly as N.Korea shows no signs of
provocations -analyst
    * Foreign investors return as sentiment revives

    SEOUL, Aug 23 (Reuters) - The South Korean won        and
shares were at two-week highs early on Wednesday as investor
appetite for riskier assets rose in the wake of strong gains on
Wall Street overnight on easing concerns over geopolitical
risks.
    The won            stood at 1,129.2 against the dollar, up
0.4 percent compared with Tuesday's close of 1,133.8, while the
Korea Composite Stock Price Index (KOSPI)         was at
2,365.89 points, both trading at their highest intraday level
since Aug. 9.
    Investors are becoming more risk-friendly now that market
worries about further provocations by North Korea have largely
eased, said Paik Seokhyun, a foreign exchange analyst at Shinhan
Bank.
    "Cautiousness ahead of the U.S. and South Korean joint
military exercises had been keeping the currency from
strengthening," Paik said.
    Foreign investors also returned to buy local shares, adding
a net 43.9 billion Korean won ($38.9 million) worth to their
portfolios near the mid-session. 
    Tech firm LG Electronics             traded up 2.3 percent
after it said it would establish an electric vehicle parts
factory in Michigan.             
    Shares of Samsung Electronics             rose nearly 1
percent while Posco shares             dropped 2.2 percent. 
    September futures on three-year treasury bonds         were
unchanged at 109.07.
    South Korea's finance ministry official said the ministry
will conduct a survey on 50-year treasury bond soon and issue
the bond if there's a demand.
    
                       0234 GMT    Prev close
 Dollar/won             1,129.2       1,133.8
 Yen/won             10.2983/20       10.3247
 *KTB futures            109.07        109.07
 KOSPI                 2,365.89      2,365.33
 * Front-month futures on three-year treasury bonds

 (Reporting by Dahee Kim; Additional reporting by Shin Hyung
Lee; Editing by Richard Pullin)
  

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