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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)


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