June 10, 2020 / 7:44 AM / 2 months ago

S.Korean shares extend gains on recovery hopes; Fed in focus

* KOSPI hits highest close since Feb. 19

* Korean won posts highest close since March 5

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, June 10 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose for the ninth straight session on Wednesday on hopes for a quick recovery from the coronavirus-induced economic downturn, though investors maintained a cautious stance ahead of a U.S. Federal Reserve policy decision.

** The Korean won firmed to its highest close in more than three months, and the benchmark bond yield rose.

** The Seoul stock market’s main KOSPI rose 6.77 points, or 0.31%, to 2,195.69, its highest close since Feb. 19. It also posted its longest winning streak since late September last year.

** South Korea’s unemployment rate surged to the highest level in more than 10 years in May as businesses slashed hiring due to the COVID-9 pandemic.

** Fed policymakers will publish later in the day their first economic projections since the pandemic set off a recession in February.

** Investors are waiting for the Fed’s remarks on the economic outlook and clues on future measures.

** Shares of LG Chem Ltd closed up 1.73% as the company said it had signed a conditional contract with China’s Ningbo Shanshan Co Ltd to sell most of its liquid crystal display (LCD) polarizer business for $1.1 billion.

** Foreigners were net sellers of 48.4 billion won ($40.63 million) worth of shares on the main board.

** The won closed trading 0.55% higher at 1,191.2 per dollar on the onshore settlement platform, its highest close since March 5.

** In offshore trading, the won was quoted 0.6% higher at 1,191.6 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,191.3.

** The most liquid 3-year Korean treasury bond yield was flat at 0.840%, while the benchmark 10-year yield rose by 2.2 basis points to 1.397%. ($1 = 1,191.2700 won) (Reporting by Jihoon Lee; Editing by Subhranshu Sahu)

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