Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks rise on bargain-taking, stabilised yuan

* KOSPI index rises, foreigners net buyers * Korean won weakens versus U.S. dollar * South Korea benchmark bond yield falls SEOUL, Aug 12 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares climbed on early Monday on bargain hunting after the past week’s heavy selling, while China’s yuan took a pause. The Korean won and the benchmark bond yield fell. ** As of 0215 GMT, the Seoul stock market’s main KOSPI rose 7.90 points or 0.41% to 1,945.65. ** China’s yuan opened trade at 7.0599 per dollar versus last close at 7.0615. ** Without fresh downside factors, investors were relieved by the yuan, which is not weakening sharply, said Park Sang-hyun, an economist at HI Investment & Securities. ** Markets in Japan and Singapore were closed for a holiday. ** Foreigners were net buyers of 2.9 billion won ($2.38 million) worth of shares on the main board. ** The won was quoted at 1,216.1 per dollar on the onshore settlement platform , 0.46% lower than its previous close at 1,210.5. ** In offshore trading, the won was quoted at 1,215.7 per U.S. dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,215.3 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.12%, after U.S. stocks ended down on Friday . ** The KOSPI has fallen 4.86% so far this year, and lost 9.1% 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 183.22 million shares and, of the total traded issues of 890, the number of advancing shares was 423. ** The won has lost 8.3% against the U.S dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds fell 0.01 point to 111.21, while the 3-month Certificate of Deposit rate was quoted at 1.49%. ** The most liquid 3-year Korean treasury bond yield fell by 1.3 basis points to 1.176%, while the benchmark 10-year yield fell by 0.8 basis point to 1.281%. ($1 = 1,216.1000 won) (Reporting by Hayoung Choi; Editing by Shounak Dasgupta)

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