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Won Hoping To Benefit From Better Tech Equity Sentiment

KRW

1 month USD/KRW was range bound post the Asia close. We ended slightly lower at just above 1290, versus yesterday's onshore spot close of 1293.65.

  • The equity lead is solid today, with the SOX up 2.75% and MSCI IT index +2.44%, in terms of tech performance. This followed broadly stronger sentiment in the major indices.
  • To recap, yesterday saw the Kospi rise 0.75%. Still, foreign investors continue to offload local equities. We saw another $177.8mn in net outflows, bringing month to date outflows to just shy of $4bn.
  • Bloomberg notes outflows are dominated by the electronics sector this year, particularly names like Samsung.
  • The other factor to be mindful of today, is the USD/JPY bounce, which has pushed to fresh cyclical highs above 136.50. Yen weakness can be a factor for export competitiveness in markets like Korea.
  • We are also close to previous cyclical highs above 1295, so also be mindful of MoF/BoK rhetoric around USD/KRW.
  • The local data calendar is quiet, but the BoK will release its biannual financial stability report.
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