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S.Korea stocks, won gain for second day - policy statement awaited
July 22, 2014 / 2:40 AM / 3 years ago

S.Korea stocks, won gain for second day - policy statement awaited

* Stocks, won gain for second day
    * Finance ministry to announce policy measures on Thurs

    SEOUL, July 22 (Reuters) - South Korean shares edged up on
Tuesday with finance minister Choi Kyung-hwan expected to unveil
the government's new growth forecasts and policy measures this
week, while the won  rose on dollar sales by local
exporters.
    The Korea Composite Stock Price Index (KOSPI) was up
0.27 percent at 2,023.99 points as of 0206 GMT, versus Monday's
onshore close at 2,018.50 in what the charts suggest could be a
strong performance for the week. 
     The local currency was quoted at 1,023.8 to the
dollar as of 0206 GMT, up 0.29 percent from Monday's close at
1,026.8. The won touched 1,023.6 in early trade, its highest in
five days.
    "Despite high prospects of an interest rate cut, foreign
investors are keeping up their net buying of stocks, though in
moderate steps, and this reflects positively on the local
market," said Han Beom-Ho, an analyst at Shinhan Investment
Corp.
    "If the impact of the Malaysian plane crash on Seoul's
market was (only) to this extent, we can expect KOSPI to rebound
later in the week," Han added.
    The Ministry of Strategy and Finance will release its
revised economic forecasts for this year and 2015 on Thursday,
along with policy measures that are aimed to shore up the local
economy.
    Offshore investors purchased a net 63 billion won ($61.55
million) worth of KOSPI shares near mid-session, headed for a
sixth straight day of net buying, while institutions sold a net
48 billion won ($46.89 million), capping gains. 
    SK Hynix Inc, the world's second-largest maker
of memory chips, fell 0.6 percent after announcing on Monday
that Japanese rival Toshiba Corp was seeking 109.15 billion yen
($1.08 billion) in damages in a lawsuit filed over the suspected
leak of NAND flash memory chip technology. 
    Hyundai Engineering & Construction gained 1.5 percent after
announcing on Tuesday it had won a $775 million order to work on
a land reclamation project in Singapore, while Samsung C&T,
which won a $225 million order from the same project, inched up
0.1. 
    September futures on three-year treasury bonds edged
up 0.05 percent to 107.01. 
    
                       0206 GMT    Prev close
 Dollar/won            1,023.8       1,026.8
 Yen/won           10.0827/887       10.1238
 *KTB futures           107.01        106.96
 KOSPI                2,023.99      2,018.50
 * Front-month futures on three-year treasury bonds

($1 = 1023.6000 Korean Won)

 (Reporting by Lydia Lim; Editing by Eric Meijer)

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