July 6, 2020 / 7:49 AM / a month ago

S.Korean shares gain most in 3 weeks on recovery hopes, fresh stimulus support

* KOSPI jumps, foreigners net sellers

* Korean won strengthens versus U.S. dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, July 6 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares jumped nearly 1.7% on Monday, rising for a third straight session with the sharpest daily gain in three weeks, as sentiment boosted on economic recovery hopes and the country’s fresh stimulus measures. The won strengthened and the benchmark bond yield rose.

** The Seoul stock market’s main KOSPI closed up 35.52 points, or 1.65%, at 2,187.93, marking the sharpest daily percentage gain since June 16.

** Risk appetite remained firm after last week’s data showed that U.S. economy created jobs at a record clip in June and China’s services sector expanded at the fastest pace in over a decade, eclipsing worries of rising coronavirus cases in the United States.

** South Korea’s parliament on Friday approved a supplementary budget of 35.1 trillion won ($29.44 billion) to fight the economic fallout from the coronavirus outbreak.

** The Chinese market’s rally on upbeat economic indicators and decreasing COVID-19 infections also helped South Korean stocks extend gains, said Seo Sang-young, an analyst at Kiwoom Securities.

** Foreigners were net sellers of 257.9 billion won ($216.28 million) worth of shares on the main board.

** The won closed trading 0.23% higher at 1,195.8 per dollar on the onshore settlement platform.

** In offshore trading, the won was quoted up 0.5% at 1,192.5 per dollar, while in non-deliverable forward trading its one-month contract was also quoted at 1,192.5.

** The most liquid 3-year Korean treasury bond yield rose by 1.4 basis points to 0.853%, while the benchmark 10-year yield rose by 2.1 basis points to 1.409%. ($1 = 1,192.4400 won) (Reporting by Jihoon Lee; Editing by Rashmi Aich)

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