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S.Korean won posts best week in 7-months; stocks slip
April 4, 2014 / 6:16 AM / 3 years ago

S.Korean won posts best week in 7-months; stocks slip

(For the midday report, please click )

SEOUL, April 4 (Reuters) - The South Korean won rose on Friday to log its best week in seven months on persistent foreign net inflows to the stock market, although the main share index finished a tad lower on the day on profit-taking before the release of U.S. jobs data.

The local currency was quoted at 1,053.5 against the dollar at the end of onshore trade, up 0.4 percent from Thursday’s closing level of 1,057.9.

The won posted a weekly rise for a second straight week, up 1.5 percent, its strongest weekly gain since early September.

Stocks fell as investors locked in profits from recent gains, with the Korea Composite Stock Price Index (KOSPI) closing down 0.3 percent at 1,988.09 points. But on a weekly basis, the index posted a 0.4 percent gain, rising for a third straight week.

Foreign net inflows limited the day’s losses, as foreign investors purchased a net 106.2 billion won ($100 million) worth of KOSPI shares, extending their net buying streak to an eighth session. Foreign investors have purchased nearly 2 trillion won during the span so far. ($1 = 1057.9500 Korean Won) (Reporting by Jungmin Jang; Editing by Chris Gallagher)

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