Views Article – Sharenet Wealth

Asia, Forex

S.Korean stocks, won fall on coronavirus outbreak concerns

(Corrects to drop extraneous word from the headline) * KOSPI slides, foreigners sell * KRW weakens against USD * South Korea benchmark bond yield falls SEOUL, Jan 21 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares fell on Tuesday on growing worries over a coronavirus outbreak in China, while traders were also cautious ahead of the release of advance gross domestic product (GDP) estimates. ** The Korean won tumbled and the benchmark bond yield fell. ** The KOSPI fell 15.35 points, or 0.68%, to 2,247.2 by 0255 GMT. ** China reported a fourth death due to the outbreak and said the virus could spread from person-to-person. The World Health Organisation has convened an emergency committee of experts on Wednesday to assess if the outbreak constitutes an international emergency. ** Meanwhile, a Reuters poll showed the South Korean economy likely expanded a median 1.9% for the whole of 2019, which would be a notch below the central bank’s 2% projection. The Bank of Korea will release the data on Wednesday. ** South Korea’s exports in the first 20 days of January fell 0.2% from a year earlier, marking the smallest decline in about a year on better chip sales, data from the Korea Customs Service showed. ** Foreigners were net sellers of 108.8 billion won worth of shares on the main board. ** The won was quoted at 1,165.1 per dollar on the onshore settlement platform , 0.60% lower than its previous close at 1,158.1. ** “Some unwinding of the risk-on positions is under way as this virus news is heating up ahead of the Chinese New Year holidays, when (Chinese) markets will be closed,” one FX dealer at a bank in Seoul told Reuters on condition of anonymity. ** In offshore trading, the won was quoted at 1,166.0 per U.S. dollar, down 0.6% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,164.6 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.04%. Japanese stocks fell 0.75%. ** The KOSPI has risen 2.26% so far this year. ** The trading volume during the session in the KOSPI index was 460.82 million shares and, of the total traded issues of 907, the number of advancing shares was 244. ** The won has lost 0.7% against the dollar so far this year. ** In money and debt markets, March futures on three-year treasury bonds rose 0.11 points to 110.31, while the 3-month Certificate of Deposit rate was quoted at 1.46%. ** The most liquid 3-year Korean treasury bond yield fell by 2.7 basis points to 1.431%, while the benchmark 10-year yield fell by 5.7 basis points to 1.710%. ($1 = 1,166.4000 won) (Reporting by Joori Roh; editing by Uttaresh.V)


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