Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks lose steam as investors brace for China growth data

* KOSPI index drops, foreigners net sellers * KOSPI index snaps a three-session winning streak * Korean won gains modestly vs U.S. dollar * South Korea benchmark bond yield falls SEOUL, July 15 (Reuters) – Round-up of South Korean financial markets: South Korean shares inched down on Monday, as investors braced for key economic data from China amid lacklustre expectations of second-quarter corporate earnings season. The Korean won strengthened, while the benchmark bond yield dropped. ** China’s second-quarter GDP growth was expected to slow to a near 30-year low of 6.2% this year, a Reuters poll showed, despite a flurry of support measures to spur domestic demand amid a bruising trade war with the United States. ** The markets are waiting for China’s GDP data, said Lee Won, an analyst at Bookook Securities. Low expectations of second-quarter corporate earnings also weighed on the benchmark index, he added. ** As of 0120 GMT, the Seoul stock market’s main KOSPI was down 7.72 points or 0.37% at 2,078.94 points. ** Foreigners were net sellers of 14.9 billion won ($12.64 million) worth of shares on the main board. ** The won was quoted at 1,178.4 per dollar on the onshore settlement platform , 0.07% higher than its previous close at 1,179.2. ** In offshore trading, the won was quoted at 1,177.8 per U.S. dollar, down 0.1% from the previous session, while in non-deliverable forward trading its one-month contract was quoted at 1,177.4 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.14%, after U.S. stocks notched all-time highs . ** The KOSPI climbed 1.95% so far this year, and gained 2.3% in the previous 30 trading sessions. ** The current price-to-earnings ratio is 12.10, the dividend yield is 1.28% and the market capitalisation is 1,242.04 trillion won. ** The trading volume during the session in the KOSPI index was 124.36 million shares and, of the total traded issues of 891, the number of advancing shares was 237. ** The won slipped 5.3% against the U.S dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds rose 0.03 points to 110.55, while the 3-month Certificate of Deposit rate was quoted at 1.78%. ** The most liquid 3-year Korean treasury bond yield fell by 0.6 basis points to 1.419%, while the benchmark 10-year yield slipped by 1.1 basis points to 1.560%. ($1 = 1,178.6700 won) (Reporting by Hayoung Choi, Editing by Sherry Jacob-Phillips)

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