Views Article – Sharenet Wealth

Asia, Forex

S.Korean shares steady as higher infections counter U.S. recovery hopes

* KOSPI rises, foreigners net buyers * Korean won weakens against U.S. dollar * South Korea benchmark bond yield falls SEOUL, April 8 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares were little changed on Thursday as optimism from the U.S. Federal Reserve’s commitment to supportive policy was offset by worries about a surge in local cases of the novel coronavirus. ** The won and the benchmark bond yield fell. ** The KOSPI rose 1.40 points, or 0.04%, to 3,138.81 by 0154 GMT. ** Minutes of the Federal Reserve’s last policy meeting showed members were in no rush to scale back their $120 billion a month of bond buying. ** South Korea reported 700 new coronavirus cases, its highest daily figure since early-January, and the Prime Minister reiterated warnings on Thursday that new social distancing rules would likely be needed. ** Denting sentiment further, Mirae Asset analyst Seo Sang-young said KOSPI’s performance wasn’t strong due to doubts about successful passage of infrastructure plans and corporate tax hikes in the United States. ** Among shares, Samsung Electronics fell 0.82% and peer SK Hynix rose 1.05%. LG Chem fell 0.74% and Naver slid 0.39%. ** Foreigners were net buyers of 65.5 billion won worth of shares on the main board. ** The won was quoted at 1,120.7 per dollar on the onshore settlement platform , down 0.39%. ** In offshore trading, the won was quoted at 1,117.8 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,117.7. ** The trading volume was 674.52 million shares. Of the total traded issues of 906, the number of advancing shares was 444. ** In money and debt markets, June futures on three-year treasury bonds rose 0.05 point to 110.78. ** The most liquid 3-year Korean treasury bond yield fell by 2.3 basis points to 1.158%, while the benchmark 10-year yield fell by 1.7 basis points to 2.047%. (Reporting by Cynthia Kim, additional reporting by Jihoon Lee; editing by Uttaresh.V)

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