SEOUL, Mar 27: The South Korean won was higher at midday on Friday due to dollar sales by exporters, which tend to rush in near the end of the month, and it was headed for its best weekly gain in 11 months.
The won was up 0.3 percent at 1,104.6 per dollar as of 0240 GMT compared with the previous day’s close of 1,108.0. It has risen 1.6 percent so far this week, its best performance since early April last year.
Analysts said further gains would be capped by caution related to events in the Middle East. ‘The won’s gains were limited as air strikes in Yemen by Saudi Arabia and allies helped lend some support to the greenback,’ said analyst Hong Seok-chan at Daishin Securities. Seoul shares were flat at midday, with the Korea Composite Stock Price Index (KOSPI) at 2,021.53 compared with 2,022.56 at Thursday’s close.
Shares in some iron and steel product makers rose sharply after South Korea applied to be a founding member of the Chinese-backed Asian Infrastructure Investment Bank (AIIB). Histeel Co rose 14.8 percent and Hanil Iron & Steel was up 9.4 percent.
Shares in NS Shopping made their debut at 211,500 won and then rose to 227,000, compared with an initial public offering price of 235,000 won.
June futures on three-year treasury bonds added 0.02 point to 109.3 as of 0240 GMT.
(AGENCIES)
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