South Korean won cuts gains on increased dollar demand; stocks reverse

SEOUL: The South Korean won cut early gains as dollar demand increased on foreigners' repatriation of dividend payouts.

The local currency was quoted at 1,135.2 to the dollar at the conclusion of onshore trade, up 0.1 percent compared to Tuesday's close of 1,136.3.

South Korean shares changed course to finish lower after peaking to the highest level in 2016 early in the session.

The Korea Composite Stock Price Index (KOSPI) closed down 0.3 percent at 2,005.83.

Offshore investors, however, continued with their five-day buying streak, purchasing a net 109.0 billion won ($96.13 million) worth of KOSPI shares.