Views Article – Sharenet Wealth

Asia, Forex

S.Korea shares notch longest winning streak since June on stimulus hopes

* KOSPI rises, foreigners net sellers

* Korean won strengthens against U.S. dollar

* South Korea benchmark bond yield falls

* For the midday report, please click

SEOUL, Aug 13 (Reuters) – Round-up of South Korean financial markets:

** South Korean shares on Thursday notched their longest stretch of gains since June, as investors relied on stimulus hopes while a surprise jump in U.S. inflation also lifted sentiment. The Korean won strengthened, while the benchmark bond yield fell.

** By 0635 GMT, the benchmark KOSPI was up 5.18 points, or 0.21%, at 2,437.53.

** Unexpectedly strong U.S. inflation raised hopes about a faster economic recovery, and there is a strong belief in the market that policies will continue to support the economy, said Shin Joong-ho, an analyst at eBest Investment & Securities.

** Rising fuel costs lifted U.S. consumer prices 0.6% last month, compared with expectations for 0.3%, leaving core inflation at 1.6% for the year ended July. ** Shares of Kakao and Naver closed up 1.84% and 0.66%, respectively, while Samsung Electronics declined 0.51%. ** Foreigners were net sellers of 351.9 billion won worth of shares on the main board. ** The won was quoted at 1,183.3 per dollar on the onshore settlement platform, 0.17% higher than its previous close at 1,185.3. ** In offshore trading, the won was quoted at 1,183.1 per dollar, up 0.0% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,182.8. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.11%,. ** The KOSPI rose 10.91% so far this year, and gained 15.5% in the previous 30 trading sessions. ** The trading volume during the session in the KOSPI index was 892.47 million shares. Of the total traded issues of 902, the number of advancing shares was 479. ** The won lost 2.3% against the dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds rose 0.04 points to 112.22, while the 3-month Certificate of Deposit rate was quoted at 0.68% in late afternoon trade. ** The most liquid 3-year Korean treasury bond yield dropped 1.2 basis points to 0.815%, while the benchmark 10-year yield fell by 0.7 basis points to 1.363%. (Reporting by Cynthia Kim, Jihoon Lee, Editing by Sherry Jacob-Phillips)


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