June 5, 2019 / 7:02 AM / 3 months ago

S.Korean stocks give up early gains on persisting trade uncertainties

* KOSPI index inches up, foreigners net sellers

* Korean won strengthens versus U.S. dollar

* South Korea benchmark bond yield drops

* For the midday report, please click

SEOUL, June 5 (Reuters) - Round-up of South Korean financial markets: ** South Korea’s KOSPI stock index erased early gains on Wednesday, as persisting trade uncertainties prompted selling by foreigners, despite hopes of rate cut by the U.S. Federal Reserve. The Korean won strengthened, while the benchmark bond yield fell.

** The Seoul stock market’s main KOSPI closed up 2.14 points or 0.10% at 2,069.11, after climbing to its highest level since May 16 of 2,086.49 in early trade.

** U.S. Federal Reserve Chairman Jerome Powell’s remark on rate positively affected the local market, said Kim Ye-eun, an analyst with IBK Securities. Lingering uncertainties on Sino-U.S. trade conflict and global slowdown worries, however, caused foreigners’ net selling, Kim added.

** Foreigners were net sellers of 168.7 billion won ($143.15 million) worth of shares on the main board.

** The Federal Reserve will respond “as appropriate” to the risks posed by a global trade war and other recent developments, Powell said in remarks that seemed to open the door to the possibility of a rate cut.

** South Korean financial markets will be closed on Thursday for a public holiday. Markets will resume trade at normal hours on Friday. ** The won was quoted at 1,178.6 per dollar on the onshore settlement platform, 0.36% higher than its previous close at 1,182.8. ** In offshore trading, the won was quoted at 1,178.5 per U.S. dollar, down 0.1% from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,177.1 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.42%, after U.S. stocks surged . Japanese stocks rose 1.80%.

** The KOSPI has risen 1.38% so far this year, but lost 6.7% 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 372.80 million shares and, of the total traded issues of 891, the number of advancing shares was 515.

** The won has lost 5.3% against the U.S dollar so far this year.

** In money and debt markets, June futures on three-year treasury bonds rose 0.10 points to 110.12, while the 3-month Certificate of Deposit rate was quoted at 1.82%.

** The most liquid 3-year Korean treasury bond yield fell by 2.2 basis points to 1.548%, while the benchmark 10-year yield fell by 1.8 basis points to 1.666%. ($1 = 1,178.5000 won) (Reporting by Hayoung Choi; editing by Uttaresh.V)

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