May 17, 2019 / 7:09 AM / 2 months ago

CORRECTED-S.Korean stocks drop on foreign selling; won falls for 4th straight week

(Corrects to say ‘January 2017’, not ‘January 2014’, in 7th bullet)

* KOSPI index falls, foreigners net sellers

* Korean won weakens versus U.S. dollar

* South Korea benchmark bond yield steady

* For the midday report, please click

SEOUL, May 17 (Reuters) - Round-up of South Korean financial markets:

** South Korea’s KOSPI stock index erased early gains to end lower on Friday, as foreigners continued to offload shares amid escalating U.S.-China trade war. The Korean won extended its decline to a fresh 28-month low, while the benchmark bond yield was unchanged.

** The Seoul stock market’s main KOSPI closed down 11.89 points, or 0.58%, at 2,055.80. ** For the week, the major index lost 2.48%, marking second straight week of decline. ** Foreigners were net sellers of 198.6 billion won ($166.33 million) worth of shares on the main board. They were net sellers for seventh consecutive session, the longest since late November last year.

** The trade war with the United States will only make China stronger and will never bring the country to its knees, the ruling Communist Party’s People’s Daily wrote in a front-page commentary that evoked the patriotic spirit of past wars.

** South Korea’s biggest chat operator Kakao Corp closed down 6.7% after Affinity Equity Partners sells all of its holdings at a discount.

** The won was quoted at 1,195.7 per dollar on the onshore settlement platform, at its lowest level since January 2017 and 0.35% lower than its previous close at 1,191.5.

** Pressured by escalating trade spat between the United States and China, the currency weakened for the fourth straight week, its longest weekly falling string since July 2018. ** In offshore trading, the won was quoted at 1,194.2 per U.S. dollar, down 0.2% from the previous day, while in one-year non-deliverable forward trading its one-month contract was quoted at 1,192.8 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.73%, after U.S. stocks rose . Japanese stocks rose 0.89%.

** The KOSPI has risen 0.72% so far this year, and fell 5.0% 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.

** The trading volume during the session on the KOSPI index was 519.45 million shares and, of the total traded issues of 893, the number of advancing shares was 316.

** The won has lost 6.7% against the U.S dollar this year.

** In money and debt markets, June futures on three-year treasury bonds fell 0.01 points to 109.68, while the 3-month Certificate of Deposit rate was quoted at 1.84%.

** The most liquid 3-year Korean treasury bond yield fell by 0.5 basis points to 1.670%, while the benchmark 10-year yield was flat at 1.820%. ($1 = 1,194.0000 won) (Reporting by Hayoung Choi; editing by Rashmi Aich)

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