Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks rise, concerns over China virus weigh

* KOSPI gains, foreigners net sellers * Korean won strengthens versus U.S. dollar * South Korea benchmark bond yield rises SEOUL, Jan 22 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares climbed on Wednesday, trimming some losses from the previous session, though caution prevailed after death toll from the new coronavirus in China rose. The Korean won and the benchmark bond yield rose. ** The toll from the Wuhan coronavirus in China rose to six deaths on Tuesday and the first case was reported in the United States, sending markets tumbling on fears of economic damage. ** The KOSPI rose 8.99 points, or 0.40%, to 2,248.68 by 0216 GMT. ** The contagious disease issue would weigh on stock markets if it continues, said Noh Dong-kil, an analyst at NH Investment & Securities. ** Meanwhile, South Korea’s government spending surge helped the economy post its fastest growth in more than two years in the fourth quarter but sagging exports and global trade tensions pulled the annual reading to its lowest level since 2009. ** As South Korean markets are more sensitive to exports data rather than growth figures, the influence of GDP data was limited, Noh said. ** Foreigners were net sellers of 35 billion won ($30.04 million) worth of shares on the main board. ** The won was quoted at 1,165.0 per dollar on the onshore settlement platform , 0.17% higher than its previous close at 1,167.0. ** In offshore trading, the won was quoted at 1,165.4 per U.S. dollar, up 0.3% from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,164.3 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.08%, while U.S. stocks fell overnight . Japanese stocks gained 0.27%. ** The KOSPI has risen 2.25% so far this year, and gained 8.7% in the previous 30 trading sessions. ** The trading volume was 253.83 million shares and, of the total traded issues of 906, the number of advancing shares was 459. ** 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 fell 0.07 point to 110.32, while the 3-month Certificate of Deposit rate was quoted at 1.46%. ** The most liquid 3-year Korean treasury bond yield rose by 3.2 basis points to 1.424%, while the benchmark 10-year yield rose by 3.1 basis points to 1.719%. ($1 = 1,165.2900 won) (Reporting by Hayoung Choi; editing by Uttaresh.V)

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