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Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks rise as stimulus hopes soothe global recession worries

* KOSPI index rises, foreigners net sellers * Korean won strengthens versus U.S. dollar * South Korea benchmark bond yield rises Seoul, Aug 19 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares rose on Monday, as global recession worries partially eased on hopes of stimulus from Germany and China, while the benchmark U.S. treasury yields rebounded. The Korean won strengthened and the benchmark bond yield also rose. ** As of 0143 GMT, the Seoul stock market’s main KOSPI rose 10.88 points, or 0.56%, to 1,938.05. ** Foreigners were net sellers of 17.8 billion won ($14.71 million) worth of shares on the main board. ** China’s central bank unveiled a key interest rate reform on Saturday to help steer borrowing costs lower for companies and support a slowing economy that has been hurt by a trade war with the United States. ** “But investors may still hold on their active investment until Jerome Powell’s statement at Jackson Hole on Friday to get a hint on the Federal Reserve’s stance on interest rate cuts,” said Noh Dong-gil, analyst at NH Investment & Securities Co. ** The won was quoted at 1,209.8 per dollar on the onshore settlement platform , 0.08% higher than its previous close at 1,210.8. ** In offshore trading, the won was quoted at 1,209.4 per U.S. dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,208.2 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.82%, after U.S. stocks rose . Japanese stocks rose 0.55%. ** The KOSPI has fallen 5.05% so far this year, and lost 8.6% 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 188.74 million shares and, of the total traded issues of 888, the number of advancing shares was 595. ** 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 fell 0.02 points to 111.44, while the 3-month Certificate of Deposit rate was quoted at 1.49%. ** The most liquid 3-year Korean treasury bond yield rose by 0.5 basis points to 1.100%, while the benchmark 10-year yield rose by 1.8 basis points to 1.190%. ($1 = 1,209.8000 won) (Reporting by Yuna Park; Editing by Rashmi Aich)


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