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Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks rise after Washington delays tariffs on some Chinese imports

* KOSPI index adds almost 1%, foreigners net sellers * Korean won strengthens versus U.S. dollar * South Korea benchmark bond yield rises SEOUL, Aug 14 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares jumped nearly 1% on Wednesday after Washington delayed tariffs on some Chinese imports. The won strengthened sharply and the benchmark bond yield rose too. ** U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods, in the hopes of blunting their impact on U.S. holiday sales. ** As of 0250 GMT, the Seoul stock market’s main KOSPI rose 16.67 points or 0.87% to 1,942.50, after rising as much as 1.4%. ** The South Korean markets’ rebound is expected to be slower than Wall Street, due to sluggish exports and weak profit momentum of businesses, said Noh Dong-kil, an analyst at NH Investment & Securities. ** South Korea’s seafood processing firms surged as investors expected sales growth of local firms after the government put pressure on Japan over radioactive water discharged from Fukushima plant. ** Foreigners were net sellers of 0.1 billion won ($82,474.23) worth of shares on the main board. ** The won was quoted at 1,212.0 per dollar on the onshore settlement platform , 0.84% higher than its previous close at 1,222.2. ** In offshore trading, the won was quoted at 1,212.2 per U.S. dollar, down 0.5% from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,211.4 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.87%, after U.S. stocks surged . Japanese stocks rose 0.69%. ** The KOSPI has fallen 4.65% so far this year, and lost 9.2% 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. ** Trading volume during the session on the KOSPI index was 386.68 million shares and, of the total traded issues of 894, the number of advancing shares was 572. ** The won has lost 7.9% against the U.S dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds fell 0.03 points to 111.32. ** The most liquid 3-year Korean treasury bond yield rose by 0.3 basis points to 1.155%, while the benchmark 10-year yield rose by 0.5 basis points to 1.235%. ($1 = 1,212.5000 won) (Reporting by Hayoung Choi; editing by Uttaresh.V)


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