July 1, 2020 / 8:06 AM / 3 days ago

S.Korean shares shed early gains amid mixed cues

* KOSPI falls, foreigners net sellers

* Korean won weakens versus U.S. dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, July 1 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares dipped on Wednesday as fears of Sino-U.S. tension over China’s crackdown in Hong Kong and fresh COVID-19 infections dented optimism about an economic recovery. The Korean won weakened, while the benchmark bond yield rose.

** The Seoul stock market’s benchmark KOSPI closed down 1.63 points, or 0.08%, at 2,106.70. The index rose as much as 1.2% in early trade, tracking Wall Street gains overnight, as investors hoped for additional stimulus measures.

** The index, however, reversed course to end lower following reports that the Hong Kong police arrested a man holding a flag advocating for independence, the first arrest under a sweeping national security law Beijing introduced overnight.

** Business mood also soured after the United States recorded its biggest single-day spike since the pandemic began.

** South Korean exports slumped more than expected in June, extending the double-digit contraction into a third month, as the pandemic and lockdown measures continued to dent global demand.

** A separate private survey showed South Korea’s manufacturing activity extended declines in June as the coronavirus impact on global demand protracted, while uncertainty over the future development and economic recovery further weighed on business outlook.

** Foreigners were net sellers of 167.3 billion won ($139.12 million) worth of shares on the main board.

** The won closed trading 0.03% lower at 1,203.4 per dollar on the onshore settlement platform.

** In offshore trading, the won was quoted down 0.3% at 1,202.6 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,202.5.

** In money and debt markets, September futures on three-year treasury bonds fell 0.04 point to 112.00.

** The most liquid 3-year Korean treasury bond yield rose by 0.9 basis point to 0.849%, while the benchmark 10-year yield rose 3.7 basis points to 1.406%.

$1 = 1,202.5700 won Reporting by Jihoon Lee, Editing by Sherry Jacob-Phillips

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