February 28, 2020 / 7:49 AM / 3 months ago

S.Korean stocks see worst week in 8-1/2 yrs; foreigners dump stocks

* KOSPI stumbles 3.3%; sees sharpest weekly fall since Aug 2011

* Foreigners offload 3.5 trln won worth of KOSPI stocks

* South Korea benchmark bond yield drops sharply

* For the midday report, please click

SEOUL, Feb 28 (Reuters) - Round-up of South Korean financial markets:

** South Korean stocks plunged on Friday to post their worst week since 2011, as foreign investors dumped risky assets amid the coronavirus outbreak showing scant signs of receding.

** The benchmark bond yield stumbled as investors fled to safer assets, while the won strengthened.

** For this week, foreign investors dumped around 3.5 trillion won ($2.88 billion) worth of KOSPI stocks. They were net sellers of 630.6 billion won ($518.17 million) worth of KOSPI shares on Friday.

** The Seoul stock market’s benchmark KOSPI ended down 67.88 points, or 3.30%, at 1,987.01, its lowest finish since early September last year.

** The index shed 8.1% from a week earlier, posting its steepest weekly fall since August 2011, while it dropped 6.2% on a monthly basis.

** The country reported 256 new coronavirus cases on Friday, bringing the total to 2,022, the Korea Centers for Disease Control and Prevention said.

** Seoul shares would be able to rebound only after the speed at which the virus has been spreading slows, which remains uncertain, said Lee Chang-mok, chief of NH Investment & Securities research centre.

** Bucking the trend, shares of animal drug makers rallied after Hong Kong confirmed a pet dog had been infected with the new coronavirus.

** The won was quoted at 1,213.7 per dollar on the onshore settlement platform, 0.29% higher than its previous close at 1,217.2.

** In offshore trading, the won was quoted at 1,213.6 per U.S. dollar, down 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,213.0 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 2.77%, after U.S. stocks stumbled . Japanese stocks fell 3.67%.

** The KOSPI has fallen 9.59% so far this year, and lost 8.2% in the previous 30 trading sessions.

** The trading volume during the session in the KOSPI was 660.09 million shares. Of the total traded issues of 906, 47 shares advanced.

** The won has lost 4.7% against the dollar so far this year.

** In money and debt markets, March futures on three-year treasury bonds rose 0.34 points to 111.43, while the 3-month Certificate of Deposit rate was quoted at 1.41% in late afternoon trade.

** The most liquid 3-year Korean treasury bond yield fell by 9.0 basis points to 1.104% in late afternoon trade, while the benchmark 10-year yield fell by 10.9 basis points to 1.334%. ($1 = 1,216.9800 won)

Reporting by Hayoung Choi; Editing by Vinay Dwivedi

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