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Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks slip on global recession worries

* KOSPI index plunges, foreigners net sellers * Korean won weakens versus U.S. dollar * South Korea benchmark bond yield falls SEOUL, Aug 16 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares dropped on Friday on global slowdown worries, fuelled by a plunge in U.S. 30-year Treasury yields. The Korean won and the benchmark bond yield also fell. ** U.S. 30-year Treasury yields fell to a record low below 2% and benchmark 10-year notes dropped to a three-year trough on Thursday amid persistent worries about global trade tensions and economic slowdown. ** South Korean stocks’ drop has been limited since bargain hunting has emerged on expectations of global central banks’ stimulus measures, said Seo Sang-young, an analyst at Kiwoom Securities. ** As of 0222 GMT, the Seoul stock market’s main KOSPI fell 14.89 points, or 0.79%, to 1,923.48. For the week, the KOSPI is set to lose 0.86%. ** Foreigners were net sellers of 53.1 billion won ($43.71 million) worth of shares on the main board. ** The won was quoted at 1,215.1 per dollar on the onshore settlement platform , 0.20% lower than its previous close at 1,212.7. ** In offshore trading, the won was quoted at 1,214.5 per U.S. dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,213.5 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.10%, after U.S. stocks were mixed . Japanese stocks fell 0.07%. ** The KOSPI has fallen 5.87% so far this year, and lost 7.5% 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 214.56 million shares and, of the total traded issues of 893, the number of advancing shares was 170. ** The won has lost 8.2% against the U.S dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds rose 0.19 points to 111.51. ** The most liquid 3-year Korean treasury bond yield fell by 6.1 basis points to 1.088%, while the benchmark 10-year yield fell by 8.0 basis points to 1.153%. ($1 = 1,214.7300 won) (Reporting by Hayoung Choi; Editing by Rashmi Aich)


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