National Pension Service To Buy $390 Million In Local Forex
Market This Week-Source
SEOUL -(Dow Jones)- South Korea's National Pension Service will buy around $
390 million in the local foreign exchange market this week, an amount equivalent
to 30% of the capital that it needs for its planned purchase of an overseas
building, a person familiar with the matter said Tuesday.
The NPS will buy the remainder it requires in the currency swap market, the
person said. NPS requires around $1.28 billion to buy the building. The pension
fund bought about $130 million Monday and aims to complete buying the rest by
Wednesday, the person added.
Earlier this month, HSBC Bank Plc (HSBA.LN), a wholly owned subsidiary of HSBC
Holdings Plc, agreed on the sale of a property in Canary Wharf, London to the
pension fund for GBP772.5 million in cash.
At 0216 GMT, the dollar was trading at KRW1,156.25, off an intraday low of
KRW1,152.0.
-By Kanga Kong, Dow Jones Newswires; 822-2198-2230; kanga.kong@dowjones.com
(END) Dow Jones Newswires
11-23-092157ET
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