March 20, 2020 / 7:28 AM / 21 days ago

S.Korea stocks gain most since 2008; won surges on currency swap deal with Fed

* KOSPI surge 7.4%, sharpest gain since Dec 2008

* KRW jump 3.1% vs USD, biggest gain since April 2009

* S.Korea benchmark bond yield falls

* For the midday report, please click

SEOUL, March 20 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares had their best session in more than 11 years on Friday, boosted by massive stimulus measures across the world to cushion the economic hit from the coronavirus pandemic.

** The won, meanwhile, rose the most since April 2009 after South Korea’s central bank said it will immediately inject dollars into local financial markets using a currency swap facility it is signing with the U.S. Federal Reserve.

** The benchmark KOSPI surged 108.51 points, or 7.44%, to 1,566.15, ending a six-day losing streak and posting its one-day percentage gain since Dec. 8, 2008.

** Still, the KOSPI lost 11.59% this week, following a 13.17% plunge in the previous week, on worries about the coronavirus’ impact on the global economy. It has tumbled a total of 34.6% in the previous 30 trading sessions.

** The country on Friday reported 87 new infections, bringing the national tally to 8,652.

** Trading of equities in the benchmark index was halted for five minutes on Friday, after KOSPI 200 futures jumped more than 5%, the Korea Exchange said.

** Foreign investors were net sellers of 426.6 billion won ($343.05 million) worth of shares on the main board.

** The Bank of Korea said it would immediately inject dollars into local financial markets using the $60 billion deal to help ease a growing dollar shortage in onshore markets.

** The won ended trading at 1,246.5 per dollar on the onshore settlement platform, 3.05% higher than its previous close at 1,285.7, logging the biggest daily percentage jump since April 30, 2009.

** But the currency posted a weekly loss of 2.18%, having dropped 2.21% a week earlier, when it posted the sharpest weekly fall since September 2015. It has lost 7.2% so far this year.

** In offshore trading, the won was quoted at 1,245.7 per dollar, up 1.0% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,242.9.

** In money and debt markets, June futures on three-year treasury bonds jumped 0.36 points to 110.91, while the 3-month Certificate of Deposit rate was quoted at 1.02% in late afternoon trade.

** The most liquid 3-year Korean treasury bond yield fell by 6.4 basis points to 1.131% in late afternoon trade, while the benchmark 10-year yield fell by 1.2 basis points to 1.643%.

$1 = 1,243.5400 won Reporting by Joori Roh; Editing by Aditya Soni

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