Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks jump on trade talk hopes

* KOSPI index rises, foreigners net buyers * Korean won weakens modestly vs U.S. dollar * South Korea benchmark bond yield drops SEOUL, Aug 9 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares rose more than 1% on Friday on expectations of trade talks between the United State and China, after a media report that negotiators were still expected to meet next month. The Korean won and the benchmark bond yield fell modestly. ** Officials from the two countries are expected to convene in Washington D.C. in September for another round of trade talks, the South China Morning Post reported https://www.scmp.com/economy/china-economy/article/3021833/china-keeps-door-open-september-talks-washington-despite. ** Lingering worries over their trade spat capped gains of Asian stocks, after Bloomberg reported that the U.S. held off on a decision about licenses for U.S. companies to restart business with China’s Huawei Technologies . ** As of 0218 GMT, the Seoul stock market’s main KOSPI rose 25.02 points or 1.30% to 1,945.63. For the week, the index is set to lose nearly 3%. ** Shares of YG Entertainment , which manages top K-pop performers, fell more than 8% on media reports police have launched a preliminary investigation into the company founder. ** Foreigners were net buyers of 20.9 billion won ($17.27 million) worth of shares on the main board by midday. ** The won was quoted at 1,210.2 per dollar on the onshore settlement platform , 0.08% lower than its previous close at 1,209.2. ** In offshore trading, the won was quoted at 1,210.3 per U.S. dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,208.7 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.33%, after U.S. stocks soared . Japanese stocks rose 0.57%. ** The KOSPI has fallen 4.90% so far this year, and lost 10.0% 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 321.33 million shares and, of the total traded issues of 890, the number of advancing shares was 544. ** The won has lost 7.8% against the U.S. dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds were unchanged at 111.26, while the 3-month Certificate of Deposit rate was quoted at 1.49%. ** The most liquid 3-year Korean treasury bond yield rose by 0.3 basis points to 1.168%, while the benchmark 10-year yield fell by 0.2 basis points to 1.267%. ($1 = 1,210.3000 won) (Reporting by Hayoung Choi; editing by Gopakumar Warrier)

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.