S.Korea won edges up ahead of Yellen speech; shares at record high

* U.S. data not strong enough for additional rate hike
-analyst
* KOSPI touches record high of 2,393.02

SEOUL, June 27 (Reuters) – The South Korean won took
a breather early on Tuesday as investors held their positions
awaiting fresh clues from U.S. Federal Reserve Chair Janet
Yellen about the pace of further rate hikes, while shares edged
up to a record high.
The won stood at 1,136.2 to the dollar as of 0221
GMT, up 0.1 percent from Monday’s close of 1,137.1.
“The Fed is trying to keep with its stance to raise rates
once more within this year, but most market watchers are quite
doubtful about it since the U.S. economic indicators are falling
short of expectations,” said Jung Sung-yoon, a foreign exchange
analyst at Hyundai Futures.
Jung added unless Yellen can provide fresh hints about rate
increase, the dollar would falter again.
Yellen is to set to speak at an event in London later in the
global day.
The Korea Composite Stock Price Index (KOSPI) was up
0.1 percent at 2,390.08 points, after briefly touching record
high of 2,393.02, buoyed by expectations of a strong second
quarter.
Chipmaker SK Hynix rose 1.2 percent, set for a
six-day rally, while Hyundai Motor lost nearly 2
percent.
Offshore investors were set to be net sellers, offloading
44.6 billion Korean won ($39.26 million) worth of KOSPI shares
near mid-session.
Decliners outnumbered advancers 394 to 373.
September futures on three-year treasury bonds
gained 0.02 point to 109.41.

0221 GMT Prev close
Dollar/won 1,136.2 1,137.1
Yen/won 10.1483/55 10.1244
*KTB futures 109.41 109.39
KOSPI 2,390.08 2,388.66
* Front-month futures on three-year treasury bonds

(Reporting by Dahee Kim; Editing by Amrutha Gayathri)


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