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Korea Republic of : Seoul: Stocks flat; won skids on renewed North Korea tensions

May 16, 2018 (Euclid Infotech Ltd via COMTEX) --

The South Korean won fell after North Korea threatened to cancel a summit with the United States and scrapped planned inter-Korea talks on Wednesday, casting doubts over its pledge to denuclearise the Korean peninsula. The Kospi index remained flat.

At 0632 GMT, the KOSPI was up 1.28 points, or 0.05 per cent, at 2,459.82. Tech shares traded higher, with Samsung Electronics rising 1.32 per cent and LG Electronics edging up 0.31 per cent. Steelmakers fell, with POSCO declining 2 per cent and Hyundai Steel down 5.8 per cent.

The won was quoted at 1,077.6 per dollar on the onshore settlement platform, 0.35 per cent weaker than its previous close at 1,073.8. In offshore trading, the won was quoted at 1,076.99 per US dollar, up 0.28 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,061.3 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.25 per cent, after US stocks ended the previous session with mild losses. Japanese stocks weakened 0.44 per cent.

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