InfoAnda - S.Korea won at 6-wk closing high on upbeat data, stock buying

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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 Weekend Edition Singapore Asia Pacific World S.Korea won at 6-wk closing high on upbeat data, stock buying Reuters - Monday, January 3 Send IM Story Print * Won gains 0.7 pct vs dollar * Three-year treasury yield at over 7-week high * Foreign investors net buyers of shares; unload T-bonds By Kim Yeonhee SEOUL, Jan 3 - The South Korean won rallied to a six-week closing high against the dollar in the first trading day of 2011, powered by continuous buying of local stocks by foreign investors after the country posted record exports. Foreign investors turned net buyers of shares worth 311 billion won, while cashing in 775 billion won in treasury futures, following stronger-than-expected export data and an upbeat reading of a manufacturing index. [ID:nTOE700001][ID:nTOE702004] "Continued foreigners' buying in stock markets and the strengthening yuan seem to fan expectations of the dollar's fall, in particular among offshore players" said a local bank's dealer. The won closed local trade at 1,126.5 per dollar, up 0.7 percent versus Thursday's domestic finish of 1,134.8. Local financial markets were closed last Friday. It was the strongest finish since hitting 1,125.7 on Nov 22. The local unit was the worst performer in 2010 among emerging Asian currencies, posting a gain of just 2.6 percent against the dollar as foreign exchange authorities acted repeatedly to keep the won's rise in check. It faced a resistance at 1,125.0, where the 61.8 percent support level crossed of its November-December downward retracement line. South Korea's December exports rose to a record $44.34 billion, and consumer inflation quickened in December more than expected from the preceding month, led by food and energy. [ID:nTOE6BT076] The manufacturing sector expanded at the fastest pace in seven months last month on increased export orders, a private-sector survey showed, boding well for sustained economic growth. [ID:nTOE702004] The introduction of international financial reporting standards this year is expected to prompt $300 million to $400 million worth of new dollar offers from banks, another factor that triggered dollar short positions. TREASURY PRICES DOWN AFTER 3-YR AUCTION Three-year treasury futures for the March contract extended declines towards the close to end down 0.15 points, pressured by heavy selling from foreign investors. Higher-than-expected exports and consumer inflation numbers, released late last week, underscored upward inflation pressures and cemented market expectations of an interest rate hike as early as next month. "Those data were all market negative leads," said a fixed-income trader at a local securities house. "Until the monetary policy board meeting next week, there won't be sharp movements in yields." Three-year treasury yield rose 12 basis points to close at 3.50 percent, its highest level since early November, 2010 and tightening its gap over the benchmark five-year yield to 65 bps, a near six-week low. The three-year yield extended rises after the auction of 1.5 trillion won in three-year treasury bonds on the view that its average yield of 3.43 percent was set too low. [ID:nSEV000283] 0700 GMT 0115 GMT Prev close Dollar/won 1,126.5 1,131.1/1.3 1,134.8 Yen/won 13.8352/506 13.9034/151 13.8537 *KTB futures 103.25 130.41 103.4 5-yr treasury bonds 4.15 pct 4.08 pct 3-yr treasury bonds 3.50 pct 3.38 pct Average call rate 2.51 pct 2.43 pct ^6-mth KORIBOR 3.00 pct 2.99 pct KOSPI 2,070.08 2,056.80 2,051.00 * Front-month futures on 3-year treasury bonds <KTBc1> ^ Korea interbank offered rate (Additional reporting by Lee Kyoung-ho and Chang Tae-min; Editing by Kim Coghill) Recommend Send IM Story Print Related Articles US-BUSINESS Summary Reuters - 20 minutes ago Wall Street opens 2011 higher on data, January effect Reuters - 20 minutes ago US STOCKS-Wall St opens 2011 higher on data, January effect Reuters - 21 minutes ago Instant view: Manufacturing sector grows in December Reuters - 40 minutes ago US STOCKS SNAPSHOT-Wall St holds gains after factory data Reuters - 53 minutes ago News Search Top Stories EU investigates controversial Hungary tax Goldman 'values Facebook at $50 billion' Goldman deal 'values Facebook at $50 billion' No immediate plans to merge Fiat and Chrysler: CEO Online travel firm Expedia drops American Airlines More Top Stories » ADVERTISEMENT Most Popular Most Viewed Falling blackbirds baffle Arkansas officials Hasta la Vista: Arnie quits as California governor New smoking laws takes force in Spain Viking wolves return for first solar eclipse of 2011 Spain lotto winner nearly loses millions by tossing tickets More Most Viewed » More Most Recommended » Elsewhere on Yahoo! 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