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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World S.Korea won sees best day in 14 mths; govt seen Reuters - Tuesday, June 22 Send IM Story Print * Won up 2.6 pct, biggest daily pct gain since Apr 30, 2009 * Forex authorities spotted intervening in market * Unit seen heading to 1,150 vs U.S. dollar By Cheon Jong-woo SEOUL, June 21 - The won enjoyed its best day in nearly 14 months on Monday as China's pledge to allow a more flexible yuan is expected to boost demand in South Korea's top export market and bolster appetite for riskier assets. The won found further support as exporters chased it for settlements and foreign investors continued to buy local stocks, prompting market players to clear dollar-long positions to stop losses. The foreign exchange authorities were spotted buying dollars to prevent the local currency from staying stronger than a major resistance line of 1,170 per dollar, dealers said. But the South Korean unit would likely reverse its recent bearish trend and break through major resistance levels, analysts said. They added that the won may strengthen to the next resistance levels, including 1,150 versus the dollar, a 120-week moving average, and 1,144, the 76.4 percent retracement. "The won's bullish trend is back and it is expected to take support from the yuan while investors return to riskier assets," said Jeong Seung-ji, a currency analyst at Samsung Futures Inc. The won ended local trade up 2.61 percent at 1,172.0 per dollar from Friday's domestic close <KRW=KFTC> of 1,202.6. The percentage gain was the biggest since a 4.58 percent rise on April 30, 2009. Minutes before the local market closed, the won strengthened to 1,169.0, the strongest since May 20. One-month dollar/won offshore forwards <KRW1MNDFOR=> were quoted at 1,172.0 versus the previous close of 1,199.0. Tim Condon, Asia research head at ING Bank, said in a research note that he was most bullish on the won, the Singapore dollar and the Malaysia's ringgit on valuations and its own assessment of central bank tolerance for currency appreciation. South Korean stocks <.KS11> closed up 1.62 percent, with foreign investors buying a net 293.2 billion won worth of stocks on the main exchange. They added a combined net 1.47 trillion won worth of shares to their portfolios during the last six sessions. On Saturday, China said it would gradually make the yuan's exchange rate more flexible, indicating it was ready to break a 23-month-old U.S. dollar peg that had come under intense fire from abroad. The move eased tension with the West ahead of a summit of the Group of 20 countries later this week, encouraging investors to snap up riskier assets. Bank of Korea Governor Kim Choong-soo said on Monday that a possible appreciation in the yuan could put upward pressure on the won <KRW=>, but gains in the local currency might be limited, Yonhap news agency reported. [ID:nTOE65K008] Close 0105 GMT Prev close Won 1,172.0 1,177.1/7.6 1,202.6 Yen/won *12.9209/296 12.9951/3.0061 13.2335/383 KOSPI 1,739.68 1,737.89 1,711.95 * As of 0603 GMT Recommend Send IM Story Print Related Articles Turkish bonds, lira rise on rates outlook, China news Reuters - 29 minutes ago G20 will want details on yuan - Canada's Flaherty Reuters - 35 minutes ago India says may examine Dow's liability in Bhopal case Reuters - 44 minutes ago GLOBAL MARKETS-Stocks up as yuan move triggers risk rally Reuters - Tuesday, June 22 Canada's Flaherty:China fx decision on right track Reuters - 52 minutes ago News Search Top Stories Volvo recalls nearly 30,000 cars Draft whaling deal under fire from scientists, greens US Supreme Court lifts ban on sale of GM crop US Nobel laureate slams German ECB hopeful Wimbledon under way with Federer first up More Top Stories » ADVERTISEMENT Most Popular Most Viewed Egypt oil spill threatens Red Sea marine life Host Canada presents itself as financial model for G20 France mutiny over Anelka expulsion Big name companies 'ambush' World Cup Draft whaling deal under fire from scientists, greens More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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