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8 months ago
S.Korea won, stocks slip on turmoil following Italy's referendum
December 5, 2016 / 3:27 AM / 8 months ago

S.Korea won, stocks slip on turmoil following Italy's referendum

* Won trading expected to remain jittery throughout this
week -analyst
    * No specific momentum for a rebound seen in the market

    SEOUL, Dec 5 (Reuters) - The South Korean won and
shares eased early on Monday after Italian voters rejected a
constitutional reform, as traders became wary of holding riskier
emerging market investments.
     A political scandal at home also weighed on the curency,
after the sixth straight weekend of protest demanding the
resignation of President Park Geun-hye over alledged collusion
with a long-time friend. 
    The won stood at 1,174.2 against the dollar as of
0300 GMT, down 0.14 percent compared to the previous close of
1,172.6, falling for a second session.
    The Korea Composite Stock Price Index (KOSPI) was
down 0.22 percent at 1,966.17 points as of 0300 GMT.
    "The won will likely remain weak today and throughout this
week with the renewed risk about Europe's banking sector," said
Jung Sung-yoon, a currency analyst at Hyundai Futures.
    Jung sees trading staying jittery throughout this week, with
markets worried over uncertainties in Italy, the euro zone's
third largest economy.
    On Kospi, Samsung Electronics was down 0.64
percent  while Posco lost 0.99 percent, weighing on
the index. 
    Offshore investors were expected to be net buyers, buying
8.3 billion Korean won worth of KOSPI shares near mid-session.
    Decliners outnumbered advancers 608 to 218.  
    December futures on three-year treasury bonds rose
0.07 points to 109.24. 
    
                       0248 GMT    Prev close
 Dollar/won             1,174.2       1,172.6
 Yen/won                10.3348       10.2676
 *KTB futures            109.24        109.16
 KOSPI                 1,966.17      1,970.61
 * Front-month futures on three-year treasury bonds

 (Reporting by Cynthia Kim; Editing by Simon Cameron-Moore)

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