SEOUL, Mar 25: The South Korean won was set to firm against the dollar for a third straight session early on Wednesday as exporters supported the local currency. The won was up 0.2 percent at 1,102.2 against the dollar as of 0250 GMT, compared with the previous close at 1,104.6. It touched 1,101.7 near midday, the local currency’s strongest level since March 6.
‘Investors seem to be eyeing the weakness in the euro and yen less. In the short-term, we see the won firming to 1,090,’ said Park Yu-na, a foreign exchange and fixed-income analyst at Dongbu Securities.
Seoul shares took a breather early on Wednesday as investors took to the sidelines on a lack of cues after the index reached a six-month-plus high in the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) remained nearly flat by midday on Wednesday standing at 2,040.33 points as of 0250 GMT, compared to Tuesday’s local close of 2,041.37.
Offshore traders were seen buying at a slower pace early in the session than Tuesday, though they were poised to be a net buyer for a ninth straight day.
Bellwether Hyundai Motor Co fell by nearly 3 percent early in the session, and was set to lose for a fourth straight day as investors continued to take profits after the shares reached a three-month-plus high last week.
Meanwhile, investors were unfazed by revised South Korean GDP data out Wednesday which showed fourth-quarter growth of 0.3 percent from July-September, its slowest rise since first-quarter 2009.
June futures on three-year treasury bonds edged up 0.03 points to 109.28.
(AGENCIES)
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