South Korean stocks, won slip on Fed cues

Dhaka,  Mon,  24 October 2016
Published : 13 Oct 2016, 15:46:34

South Korean stocks, won slip on Fed cues

South Korean stocks, won slip on Fed cues
The South Korean shares and won slipped on Thursday after minutes of the US Federal Reserve's last meeting backed market expectations for a December rate increase.

The Korea Composite Stock Price Index (KOSPI) was down 0.7 per cent at 2,019.07 points, in line with weak regional markets. 

There was muted reaction in domestic markets to the Bank of Korea's (BOK) widely expected decision earlier in the day to hold rates steady. 

But exports data from China - South Korea's major trading partner - came in worse-than-expected and may have hurt risk sentiment broadly. 

The won stood at 1,125.3 against the dollar as of 0218 GMT for the third straight day of losses, down 0.1 per cent compared to Wednesday's close of 1,123.6.

Offshore investors purchased a net 26.5 billion Korean won ($23.77 million) worth of KOSPI shares near mid-session. 

Providing some relief, market heavyweight Samsung Electronics Co Ltd, sold heavily in the past three days amid a phone recall crisis, recovered somewhat by 2.0 per cent.

Web portal Naver Corp lost more than 2.0 per cent.

Decliners far outnumbered advancers 607 to 184, according to a news agency report.

Editor : A.H.M Moazzem Hossain
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