Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks slide on downbeat U.S. jobs data, surging COVID-19 cases at home

* KOSPI falls, foreigners turn net sellers for first time in 7 days * Korean won gains against U.S. dollar * South Korea benchmark bond yield falls SEOUL, April 9 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares fell on Friday, snapping a six-day winning streak, as softer-than-expected U.S. labour data and worries over a surge in local coronavirus infections dented investor sentiment. The won gained, while the benchmark bond yield fell. ** The benchmark KOSPI fell 15.41 points, or 0.49%, to 3,127.85 as of 0217 GMT. ** Among heavyweights, chip giants Samsung Electronics and SK Hynix fell 1.18% and 2.43%, respectively, while battery maker LG Chem slid 0.62%. ** A U.S. jobless claims report showed a second straight weekly increase on Thursday, conflicting with the streak of strong economic data from payrolls and job vacancies that had buoyed investor confidence in a quick economic rebound. ** Meanwhile, South Korea reported 671 new coronavirus cases for Thursday, a day after reporting its highest daily tally since early July, further weighing on the sentiment. ** Foreigners were net sellers of 183.4 billion won ($164.15 million) worth of shares on the main board, snapping the six straight sessions of buying spree. ** The won was quoted at 1,116.0 per dollar on the onshore settlement platform , 0.11% higher than its previous close at 1,117.2. ** In offshore trading, the won was quoted at 1,117.4 per dollar, down 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,117.2. ** In money and debt markets, June futures on three-year treasury bonds rose 0.04 points to 110.84. ** The most liquid 3-year Korean treasury bond yield rose by 0.6 basis points to 1.156%, while the benchmark 10-year yield fell by 2.2 basis points to 1.990%. ($1 = 1,117.2500 won) (Reporting by Joori Roh; Editing by Shailesh Kuber)


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