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Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks await fresh cues; foreigners net buyers

* Korean won weakens versus U.S. dollar * South Korea benchmark bond yield rises Seoul, Aug 20 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares rose on Tuesday ahead of Fed Chairman Jerome Powell’s speech and a meeting between foreign ministers of South Korea and Japan. The won weakened and the benchmark bond yield rose. ** As of 0226GMT, the Seoul stock market’s main KOSPI rose 7.55 points or 0.39% to 1,947.45. ** China’s additional stimulus plan temporarily helps easing global recession worries, but investors in South Korean stocks need be more cautious on China-U.S. trade issue as two countries are the biggest trade counterparts to South Korea, and also trade conflict against Japan, said Lee won, analyst at Bookook Securities. ** Japan’s foreign minister Taro Kono will meet his South Korean counterpart, Kang Kyung-wha, in Beijing on Wednesday, a Japanese foreign ministry official said on Monday, amid deteriorating relations between the two countries. ** South Korea may consider easing market restrictions, such as those on share buy-backs, while tightening short-selling rules to stabilise local financial markets, Vice Finance Minister Kim Yong-beom said at a scheduled meeting on Tuesday. ** China’s new lending reference rate was set slightly lower on Tuesday in the first publication of the benchmark since the central bank announced interest rate reforms. . ** Foreigners were net buyers of 15 billion won worth of shares on the main board. ** The won was quoted at 1,211.7 per dollar on the onshore settlement platform , 0.06% lower than its previous close at 1,211.0. ** In offshore trading, the won was quoted at 1,211.2 per U.S. dollar, up 0.0% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,210.2 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.22%, after U.S. stocks rose . Japanese stocks rose 0.39%. ** The KOSPI has fallen 4.59% so far this year, and lost 8.1% 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. ** Trading volume during the session on the KOSPI index was 244.27 million shares and, of the total traded issues of 892, the number of advancing shares was 502. ** 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 0.01 points to 111.43 ** The most liquid 3-year Korean treasury bond yield rose by 0.6 basis points to 1.099%, while the benchmark 10-year yield rose by 0.7 basis points to 1.191%. (Reporting by Yuna Park; editing by Uttaresh.V)


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