The won closed at 1,368.6 to the dollar, its strongest level in 13 months, as the dollar edged lower on Monday with traders waiting for US jobs data due later in the week. In Seoul the Kospi erased a 2.58 per cent opening loss and finished 0.46 per cent higher at 6,820.02, while the Kosdaq fell 0.49 per cent. Hawkish remarks by Federal Reserve Chairman Kevin Warsh on Friday had renewed bets on a September interest rate increase.
The won closed at 1,368.6 to the dollar, its strongest level in 13 months. The dollar edged lower on Monday as traders waited for US jobs data due later in the week. The market's focus is on the employment and inflation data for August.[1], [2]
The Kospi erased a 2.58 per cent opening loss and closed 0.46 per cent higher at 6,820.02, while the Kosdaq fell 0.49 per cent. SK hynix rose 1.27 per cent to 1,674,000 won and Samsung Electronics 1.17 per cent to 260,000 won. Since 20 August SK hynix has been buying between 700 billion and 1 trillion won of its own shares every day, and Samsung Electronics began repurchases on 24 August for employee compensation. Foreign investors sold a net 640 billion won and institutions 793 billion won, while corporate investors bought a net 1.57 trillion won and extended a nine-session buying streak.[1]
Hawkish remarks by Federal Reserve Chairman Kevin Warsh on Friday had renewed bets on a September interest rate increase. Warsh's remarks on Friday were read as hawkish, and traders raised the odds they attach to a September rate increase. The market's focus is on the employment and inflation data for August.[2]
