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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korean won extends falls; recession fears grow Reuters - 2 hours 50 minutes ago SEOUL, Nov 13 - The South Korean won extended falls against the dollar on Thursday due to mounting fears over the global recession's impact on the economy after comments from the U.S. Treasury Secretary and on weak Chinese economic data. Data showed China's industrial output slumped to a seven-year low last month as manufacturers cut output in response to weakness in the domestic property market and an unfolding slowdown in export demand [ID:nPEK238120]. China is South Korea's No.1 export market, soaking up many semi-finished Korean goods. Treasury Secretary Henry Paulson, in the most explicit sign yet that Treasury was abandoning its initial plan for rescue funds to buy up illiquid mortgage assets, said he preferred to focus instead of on buying stakes in banks to encourage them to increase lending, rekindling worries about the financial crisis. [ID:nN12393760] The United States is South Korea's No.2 export market. The won <KRW=> came under further pressure after Shinsung Engineering & Construction <001970.KS>, a medium-sized builder, said on Wednesday it had sought court protection to avoid bankruptcy, bolstering concerns over the health of the construction sector, to which local banks are heavily exposed. The South Korean unit was quoted at 1,394.4/5.1 per dollar as of 0430 GMT, compared with Wednesday's domestic close <KRW=KFTC> of 1,359.5. It slid to as low as 1,399.9, the weakest since Oct. 29. The won found some relief from exporters' demand for settlements and caution over possible dollar-selling intervention by the country's foreign exchange authorities, but it is likely to fall further, traders said. "Exporter demand is quite strong, but it is difficult to say the won would rebound, given falling stocks amid heavy sales by foreigners. It would be meaningful if the unit weakens past the 1,400 level," said a local bank dealer. Seoul shares <.KS11> plunged 7.32 percent at one point as foreign investors sold a net 273.2 billion won worth of stocks in the country's main exchange. Continuing sales of local assets by foreign investors are likely to hurt the country's already shaky international balance of payments, pushing down the won, analysts said. Meanwhile, South Korea's financial markets opened one hour later than usual at 0100 GMT in observance of a national college entrance exam. 0430 GMT 0145 GMT prev close Won <KRW=> 1,394.4/5.1 1,387.9/9.4 1,359.5 Yen/won <JPYKRW=R> 14.5781/21 14.5254/25 13.9124/98 KOSPI <.KS11> 1,041.56 1,064.98 1,123.86 (Reporting by Cheon Jong-woo and Lee Soo-jung; Editing by Keiron Henderson) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Shareholders approve Australian bank acquisitionAP - 1 hour 4 minutes ago Malaysia c.bank delays govt bond sale resultsReuters - 1 hour 13 minutes ago European indexes seen sinking as worries mountReuters - 1 hour 14 minutes ago Dubai property giant Emaar says reviewing jobsReuters - 1 hour 20 minutes ago TOPWRAP 2-Japan to offer funding for IMF as gloom deepensReuters - 1 hour 23 minutes ago Most Popular – Business Viewed Ancient 4,300-year-old pyramid discovered in Egypt Your favorite music = happy heart: study Britney Spears's son hospitalized: statement Economic gloom mounts ahead of finance crisis summit Oil price dives under 55 dollars per barrel in London View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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