Views Article – Sharenet Wealth

Asia, Forex

S.Korean stocks rally on bargain-hunting; virus fears tempered by China response

* KOSPI jumps, foreigners net sellers

* Korean won strengthens vs dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, Jan 22 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares jumped more than 1% on Wednesday on bargain-hunting and Beijing’s efforts to contain the new coronavirus outbreak. The Korean won and the benchmark bond yield rose.

** The Seoul stock market’s main KOSPI ended up 27.56 points, or 1.23%, at 2,267.25, recouping its losses in the previous session.

** The death toll from the flu-like coronavirus in China rose to nine on Wednesday with 440 confirmed cases, Chinese health officials said, as authorities stepped up efforts to control the outbreak by discouraging public gatherings in Hubei province.

** China’s response to the virus outbreak led South Korean stocks to rally, Kiwoom Securities analyst Seo Sang-young said.

** The outbreak could weigh on stocks, but the rate at which the virus spreads and its impact on the economy remains to be seen, Hana Financial Investment analyst Lee Young-gon said, adding bargain-hunting also helped the market.

** Shares of Hyundai Motor surged 8.55% after the automaker reported a better-than-expected quarterly profits.

** Foreigners were net sellers of 74.3 billion won ($63.80 million) worth of shares on the main board.

** The won was quoted at 1,164.6 per dollar on the onshore settlement platform, 0.21% higher than its previous close at 1,167.0.

** In offshore trading, the won was quoted at 1,164.5 per U.S. dollar, up 0.4% from a day earlier, while in non-deliverable forward trading its one-month contract was quoted at 1,163.0 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.71%, after U.S. stocks ended lower overnight. Japanese stocks rose 0.70%.

** The KOSPI has risen 3.17% so far this year and gained 8.7% in the previous 30 trading sessions.

** The trading volume during the session in the KOSPI index was 596.85 million shares and, of the total traded issues of 907, the number of advancing shares was 537.

** 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 0.15 points to 110.24, while the 3-month Certificate of Deposit rate was quoted at 1.46% in late afternoon trade.

** The most liquid 3-year Korean treasury bond yield rose by 4.8 basis points to 1.440% in late afternoon trade, while the benchmark 10-year yield rose by 3.5 basis points to 1.723%.

($1 = 1,164.4900 won) (Reporting by Hayoung Choi; Editing by Anil D’Silva)

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