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S.Korea won retreats from six-year high levels; stocks ease
July 7, 2014 / 6:20 AM / 3 years ago

S.Korea won retreats from six-year high levels; stocks ease

(For the midday report, please click )

SEOUL, July 7 (Reuters) - The South Korean won eased from six-year highs on Monday as investors awaited comments from the central bank and finance minister nominee later in the week for any clues on possible policy easing.

The won was quoted at 1,010.5 versus the dollar at the end of onshore trade, down 0.2 percent from Friday’s domestic close of 1,008.9.

A spate of data in recent months have shown the economy is losing momentum, lending support to a vocal minority view that the central bank may be forced to cut interest rates to spur growth. The Bank of Korea meets on Thursday.

On Tuesday, traders will be looking to testimony from the finance minister nominee at a parliamentary hearing for any hints of stimulus measures.

The Korea Composite Stock Price Index (KOSPI) closed down 0.2 percent at 2,005.12 points, as institutional investors offloaded 252 billion won ($249.41 million) worth of KOSPI shares before the release of Samsung Electronics’ earnings guidance.

Samsung Electronics Co Ltd, the biggest KOSPI component, shed 1.1 percent. It earnings likely fell 12.6 percent during April-June, according to a Thomson Reuters I/B/E/S poll. It will release its earnings guidance before market opening on Tuesday.

Offshore investors positioned as net buyers for an eighth consecutive session, picking up 186 billion Korean won worth of shares, helping to limit losses on the main bourse. ($1 = 1010.4000 South Korean Won) (Reporting by Jungmin Jang; Editing by Kim Coghill)

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