SEOUL: The South Korean won rebounded from a three-month low on Monday as the dollar was pressured by US 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 US 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 US 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 US 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 US 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.
Comments
Comments are closed for this article.