South Korean equities and the won fell sharply on Monday as the death of North Korean leader Kim Jong-il raised fears of political instability in the nuclear-armed state.
The won sank to a 10-week low against the US dollar within minutes of the news being announced, falling more than 1 per cent as traders fled for the safety of the American currency. By mid-afternoon in Seoul the currency was trading at Won1,174.80 per dollar.
“The reason you’re seeing the won weaken is because North Korea is such an opaque country and it’s nuclear armed as well,” said Sacha Tihanyi, currency strategist at Scotia Capital. “The uncertainty is definitely a negative.”
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