Won wipes out gains

The South Korean won wiped out small early gains against the dollar by midday on Friday as foreign sales in the shaky local stock market offset an earlier boost from a drop in oil prices. The won was quoted at 1,025.8/6.1 per dollar after rising to as high as 1,021.8, compared with Thursday's domestic close of 1,025.8.
"Some traders opted to reduce their won holdings after the won failed to extend its early spurt further," said a foreign bank dealer. US crude futures ended more than $4 lower on Thursday in a sell-off triggered by China's surprise move to raise fuel prices, which could sap the country's demand for oil. The Seoul stock market's benchmark KOSPI fluctuated between 1,727.35 and 1,755.60 points, compared with the previous close of 1,740.72 points.