March 3, 2020 / 7:18 AM / a month ago

S.Korean stocks trim gains as coordinated G7 response hopes dashed

* KOSPI rises; foreigners sell

* KRW inches down against U.S. dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, March 3 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares closed higher on Tuesday, but well off early gains, after a Reuters report dented hopes for a round of strongly coordinated stimulus measures by the G7.

** The bloc’s statement, expected on Tuesday or Wednesday, so far excludes any immediate calls for fiscal spending or coordinated central bank easing, a Group of Seven source told Reuters.

** The Korean won turned weaker against the U.S. dollar, reversing early gains, after the report, with sustained selling by foreign investors also pressuring the currency.

** The benchmark KOSPI ended up 11.64 points, or 0.58%, to 2,014.15.

** Foreigners were net sellers of 307.2 billion won ($257.16 million) worth of shares on the main board.

** The country reported 600 new cases, taking the total infections to 4,812. Three more people died, bringing the total fatalities to 34.

** KOSPI returned some of the early gains as investors were seen selling after the Reuters report, Hana Financial Investment analyst Lee Young-gon said.

** The financial markets will continue to be volatile on rising concerns that policy actions from global central banks may not meet investor expectations, Lee added.

** The rout in global stocks last week and rising fears of a recession have prompted the U.S. Federal Reserve and the Bank of Japan to flag a readiness to move.

** On Tuesday, the Reserve Bank of Australia lowered rates to a record low of 0.5%, its fourth cut in less than a year.

** The won was quoted at 1,195.2 per dollar on the onshore settlement platform, 0.13% lower than its previous close at 1,193.7.

** In offshore trading, the won was quoted at 1,194.4 per U.S. dollar, down 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,193.6 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.69%, while Japanese stocks fell 1.22%.

** The trading volume during the session in the KOSPI index was 604.17 million shares. Of the total traded issues of 906, the number of advancing shares was 593.

** The KOSPI has fallen 8.35% so far this year, while the won has lost 3.2% against the dollar.

** In money and debt markets, March futures on three-year treasury bonds rose 0.04 points to 111.42, while the 3-month Certificate of Deposit rate was quoted at 1.41% in late afternoon trade.

** The most liquid 3-year Korean treasury bond yield fell by 2.5 basis points to 1.104% in late afternoon trade, while the benchmark 10-year yield dipped 0.8 basis points to 1.363%. ($1 = 1,194.6000 won) (Reporting by Joori Roh; Editing by Sriraj Kalluvila)

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