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Friday September 14, 11:42 AMS.Korea won cuts gains on Finance Ministry warningSEOUL, Sept 14 (Reuters) - The South Korean won turned flat against the dollar on Friday after hitting a one-month high as the Finance Ministry's warning about the won's rise offset exporter demand for settlements.The ministry said it would take action if the won rises excessively against the dollar, saying the central bank's recent intervention in the swaps market should not necessarily boost the local currency.[ID:nSEV000168] The comment prompted investors to cover dollar-short positions and importers to sell the won, although the country's foreign exchange authorities were not suspected of buying dollars, dealers said. "The warning caused dollar-short covering, pushing down the won below the 930 level, and then after that importers started to sell the unit," said a local bank dealer, adding that he did not spot any intervention. The won was quoted at 930.9/1.3 per dollar by 0315 GMT, compared to its previous closing bid of 931.1. It rose to as high as 927.9, the strongest since Aug. 13. Adding expectations for more demand for the won, Daewoo Shipbuilding and Marine Engineering Co. said it had won a combined $740 million in orders to build a drill ship and a crude oil carrier. [ID:nSEO108681] Seoul shares rose 1.2 percent a day after rising 1.9 percent, as steel makers approached a record in anticipation of higher prices for their products. But foreign investors sold a net 139 billion won worth of shares in South Korea's main stock market. The yen was at 114.91/96 per dollar versus 114.77/81 in late New York trade on Thursday.
0315 GMT 0058 GMT prev close
Won 930.9/1.3 928.8/9.4 931.1
Yen/won 8.0950/1055 8.0753/831 8.0916
KOSPI 1,870.26 1,861.73 1,848.02
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