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Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks steady as Sino-U.S. tension lingers

* Korean won strengthens modestly vs U.S. dollar * KOSPI index steady, foreigners net sellers * South Korea benchmark bond yield falls SEOUL, Aug 7 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares failed to rebound in early trade on Wednesday amid lingering trade tension between the United States and China. The Korean won strengthened slightly, while the benchmark bond yield fell. ** As of 0202 GMT, the Seoul stock market’s main KOSPI fell 0.96 points or 0.05% to 1,916.54, set to fall for a sixth consecutive session. ** Tensions remained in the markets, though volatilities in the forex market have been stabilised as of now, said Lee Kyoung-min, an analyst at Daishin Securities. ** The yuan had fallen sharply on Monday, going past the symbolic 7-per-dollar level, and prompting Washington to label Beijing a currency manipulator in a major escalation of the year-long trade dispute between the world’s two largest economies. ** South Korea’s policymakers said they stood ready to take steps to curb any herd behaviour in the market and would consider cutting interest rates again if needed. ** Foreigners were net sellers of 53.2 billion won ($43.81 million) worth of shares on the main board. ** The won was quoted at 1,214.6 per dollar on the onshore settlement platform , 0.06% higher than its previous close at 1,215.3. ** In offshore trading, the won was quoted at 1,214.4 per U.S. dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,213.3 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was unchanged, after U.S. stocks jumped more than 1%. Japanese stocks fell 0.49%. ** The KOSPI has fallen 6.09% so far this year, and lost 9.6% 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 311.52 million shares and, of the total traded issues of 887, the number of advancing shares was 546. ** The won has lost 8.1% against the U.S dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds rose 0.04 point to 111.34, while the 3-month Certificate of Deposit rate was quoted at 1.49%. ** The most liquid 3-year Korean treasury bond yield fell by 0.1 basis point to 1.162%, while the benchmark 10-year yield fell by 1.7 basis points to 1.239%. ($1 = 1,214.4000 won) (Reporting by Hayoung Choi, Yuna Park; Editing by Shounak Dasgupta)


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