South Korean won drops to lowest level since March 2009; stocks ease
- The benchmark KOSPI shed 5.32 points, or 0.22%, at 2,435.20
SEOUL: Round-up of South Korean financial markets:
South Korean stocks edge down in thin holiday trade
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The South Korean won hit the weakest level since March 2009 in holiday-thinned trading amid the US dollar’s continued rally. South Korean stocks fell, while the benchmark bond yield rose.
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The benchmark KOSPI shed 5.32 points, or 0.22%, at 2,435.20 as of 02:12 GMT.
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Foreigners net sold shares worth 91.5 billion won ($62.6 million) on the main board on Thursday.
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The won was quoted at 1,463.3 per dollar on the onshore settlement platform, 0.40% lower than Tuesday’s close at 1,457.5 and hitting the weakest since March 2009.
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The South Korean financial market was shut on Wednesday for the Christmas holiday.
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Among index heavyweights, chipmaker Samsung Electronics fell 0.74%, while peer SK Hynix gained 0.59%. Battery maker LG Energy Solution slid 1.00%.
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There are very few offers in USD-KRW trading which is helping the won weaken, a local FX dealer said, asking not to be named due to internal policy.
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Hyundai eased 0.46%, while sister automaker Kia added 0.10%. Search engine Naver and instant messenger Kakao dipped 0.99% and 1.39%, respectively.
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Of the total 941 traded issues, 318 advanced and 564 declined.
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In offshore trading, the won was quoted at 1,462.9 per dollar, down 0.4% on the day, while in non-deliverable forward trading, its one-month contract was quoted at 1,460.9.
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The KOSPI has fallen 8.29% so far this year, losing 1.7% in the last 30 sessions. The won has lost 12.0% against the dollar in the same period.
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In money and debt markets, March futures on three-year treasury bonds fell 0.05 point to 106.57.
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The most liquid three-year Korean treasury bond yield rose by 0.8 basis points to 2.640% and the benchmark 10-year yield rose by 2.3 basis points to 2.897%.
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