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S.Korean won slips after warning but ends week higher, stocks up
May 9, 2014 / 6:16 AM / 4 years ago

S.Korean won slips after warning but ends week higher, stocks up

(For the midday report, please click )

SEOUL, May 9 (Reuters) - The won slipped on Friday, reversing earlier gains after a warning from South Korea’s finance ministry on the pace of the appreciation for the currency, which strengthened for a second straight week.

The local currency was quoted at 1,024.4 versus the dollar at the end of onshore trade, down 0.2 percent from Thursday’s close at 1,022.6. Prior to the warning, the won traded as high as 1,020.9, the strongest intraday level since Aug. 8, 2008.

On a weekly basis, the won added 0.6 percent.

The Korea Composite Stock Price Index (KOSPI) closed up 0.3 percent at 1,956.55 points, but inched down nearly 0.2 percent for the week. This was its third straight weekly loss.

Foreign investors net sold 61 billion won ($59.6 million) worth of KOSPI shares, positioning as net sellers for a seventh straight session. ($1 = 1022.8500 Korean Won) (Reporting by Jungmin Jang)

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