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S.Korean won snaps 3 days of gains, shares flat afer GDP data
July 24, 2014 / 6:16 AM / 3 years ago

S.Korean won snaps 3 days of gains, shares flat afer GDP data

SEOUL, July 24 (Reuters) - The South Korean won suffered its worst day in a week on Thursday after second-quarter economic growth came in weaker than expectations, raising chances of an interest rate cut as soon as next month.

The local currency closed down 0.48 percent at 1,028.6 against the dollar versus Wednesday’s close at 1,023.7, snapping a three-day winning streak.

The Korea Composite Stock Price Index (KOSPI) ended nearly flat, quoted at 2,026.62 points at the end of Thursday’s session, down 0.08 percent from Wednesday’s close at 2,028.32.

Foreign investors purchased a net 168 billion won ($163.39 million) worth of KOSPI shares, making them net buyers for eight consecutive trading sessions.

LG Electronics Inc gained 4.2 percent after it announced on Thursday that its second-quarter profit rose 26.5 percent from a year earlier, beating analyst estimates.

Hyundai Motor, the world’s fifth-biggest automaker combined with sister company Kia Motors, edged up 1.5 percent after it announced a 6.5 percent decrease in its second-quarter earnings, saying it sees uncertainty persisting in the global auto market in the coming months.

$1 = 1028.2000 Korean Won Reporting by Lydia Lim

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