August 4, 2014 / 2:40 AM / 3 years ago

S.Korea won gains after dollar falters on U.S. jobs data, stocks ease

* Won poised for biggest daily gain since May
    * KOSPI flat in tug-of-war between foreigners and
institutions

    SEOUL, August 4 (Reuters) - The South Korean won 
rebounded from a three-month low on Monday as the dollar was
pressured by U.S. job growth data, while the KOSPI had a
slightly weaker tone as offshore demand was offset by
institutions booking profits.
    The won gained 0.6 percent against the dollar and
was quoted at 1,030.7 as of 0219 GMT versus Friday's close of
1,037.1.
    "The won strengthened due to a setback from the slowed job
growth in July, though there's no doubt that the U.S. economy is
recovering en masse," said Lee Dae-ho, a currency analyst at
Hyundai Futures, adding that the won's gains will be cut short
as the dollar is expected to bounce back in the long-term.
    The won was poised for its biggest daily percentage gain
since May.
    Data showed U.S. job growth slowed a bit in July, coming
below expectations while the unemployment rate unexpectedly
rose, leading investors to trim bets for a rate hike in the U.S.
in the first half of 2015. 
    On Seoul's main stock market, the Korea Composite Stock
Price Index (KOSPI) edged down 0.1 percent after a third
week of gains, and was quoted at 2,070.30 points as of 0219 GMT.
    Media and entertainment shares shot up 1.6 percent,
supported by cinema giant CJ CGV Co Ltd, which rose
5.3 percent.
    The industry is poised for its best day this year on
expectations of unparalleled success for newly released Korean
movie "Roaring Currents," according to analysts.
    Kia Motors Corp jumped 2.1 percent after the
major automaker reported global sales for July, with a record
6.7 percent increase in U.S. sales. 
    POSCO shares slumped 3.1 percent, most likely a correction
after recent gains, said analysts.
    Offshore and retail investors purchased a net 57 billion won
($55.32 million) and 35 billion won ($33.97 million) worth of
KOSPI shares, respectively, in morning trade, while domestic
institutions offloaded a net 61 billion won ($59.20 million).
    Winners outnumbered losers 466 to 314.
    September futures on three-year treasury bonds edged
up 0.05 percent to 106.93.
    
                       0219 GMT    Prev close
 Dollar/won             1,030.7       1,037.1
 Yen/won            10.0370/458       10.1048
 *KTB futures            106.93        106.88
 KOSPI                 2,070.30      2,073.10
 * Front-month futures on three-year treasury bonds
($1 = 1030.4000 Korean Won)

 (Reporting by Lydia Lim; Editing by Kim Coghill)

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