S.Korean shares hit 3-1/2-month high on rebound hopes, stimulus package

* KOSPI soars, foreigners net buyers
* KRW rises to a 3-week high vs USD
* South Korea benchmark bond yield rises

SEOUL, June 3 (Reuters) - Round-up of South Korean financial
markets:

** South Korean shares on Wednesday surged to their highest
since February as hopes of an economic rebound overshadowed
worries of the U.S. civil unrest. The Korean won strengthened to
a three-week high, while the benchmark bond yield rose.

** South Korea unveiled on Wednesday a 35.3 trillion won
($29.01 billion) supplementary budget to help lift Asia's
fourth-largest economy, facing its worst growth since the 1998
Asian financial crisis.

** The Seoul stock market's main KOSPI was up 54.82
points, or 2.63%, at 2,142.01, as of 0215 GMT. The index touched
its highest intraday trading level since Feb. 21.

** Chip giants Samsung Electronics and SK Hynix
rose as much as 6% and 5.4%, respectively, leading
the gains in KOSPI.

** Market heavyweights are leading the benchmark with
chipmakers surging on better earnings outlook and carmakers
rising on improved global sales, said Na Jeong-hwan, an analyst
at DS Investment & Securities.

** Shares of Hyundai Motor Co rose as much as
5.4% to their highest since March 9 after the automaker reported
a jump in U.S. retail sales on Tuesday.

** Foreigners were net buyers of 132.2 billion won ($108.63
million) worth of shares on the main board.

** The won was quoted 0.72% higher at 1,216.6 per dollar on
the onshore settlement platform , its highest since
May 11.

** In offshore trading, the won was quoted 0.2%
higher at 1,216.6 per dollar, while in non-deliverable forward
trading its one-month contract was quoted at
1,216.1.

** In money and debt markets, June futures on three-year
treasury bonds fell 0.06 point to 112.07.

** The most liquid 3-year Korean treasury bond yield fell by
0.3 basis point to 0.857%, while the benchmark 10-year yield
rose by 0.2 basis point to 1.389%.

($1 = 1,216.9300 won)

(Reporting by Jihoon Lee, Editing by Sherry Jacob-Phillips)


2020-06-03 05:10:27

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