March 24, 2020 / 7:23 AM / 11 days ago

S.Korean shares mark steepest daily gain since 2008; won jumps

* KOSPI soars, foreigners net buyers

* Korean won strengthens versus U.S. dollar

* South Korea benchmark bond yield falls

* For the midday report, please click

SEOUL, March 24 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares ended up 8.6% and posted the steepest daily gain since October 2008 as the U.S. Fed’s plans on bottomless dollar funding and the South Korean government’s 100 trillion won ($80 billion) rescue package eased liquidity concerns in emerging markets. The Korean won strengthened, while the benchmark bond yield fell.

** The Seoul stock market’s main KOSPI closed up 127.51 points, or 8.60%, at 1,609.97.

** The Korea Exchange said sidecars were triggered on the benchmark KOSPI and the junior KOSDAQ to halt programme trading for 5 minutes after shares jumped more than 5% each for over a minute.

** Foreigners were net buyers of 12.2 billion won worth of shares on the main board.

** Emerging markets including Korea, severely affected by a growing concern over dollar crunch, are responding more sharply to the U.S. Federal Reserve’s detailed plans to provide endless dollar liquidity, said Lim Dongmin, an analyst at Kyobo Investment & Securities.

** The upcoming stimulus package bill, once passed, will further strengthen the investor confidence, he added.

** The U.S. Federal Reserve on Monday rolled out an extraordinary array of programs to backstop an economy reeling from sweeping restrictions on commerce.

** U.S. Treasury Secretary Steven Mnuchin and Senate Democratic Leader Chuck Schumer said they had not reached an agreement on Monday on a sweeping coronavirus stimulus deal but had made progress.

** The South Korean government on Tuesday doubled a planned economic rescue package to 100 trillion won ($80 billion) to save companies hit by the virus outbreak and put a floor under crashing stocks and bond markets.

** The won was quoted at 1,249.6 per dollar on the onshore settlement platform, 1.35% higher than its previous close at 1,266.5.

** In offshore trading, the won was quoted at 1,249.3 per U.S. dollar, up 1.9% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,244.9 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 4.91%. Japanese stocks rose 7.13%.

** The trading volume during the session in the KOSPI index was 670.72 million shares. Of the total traded issues of 904, the number of advancing shares was 851.

** In money and debt markets, June futures on three-year treasury bonds rose 0.24 point to 111.02.

** The most liquid 3-year Korean treasury bond yield fell by 4.0 basis points to 1.109%, while the benchmark 10-year yield fell by 2.7 basis points to 1.682%. (Reporting by Jihoon Lee; Editing by Shounak Dasgupta)

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