November 8, 2019 / 2:48 AM / 3 months ago

S.Korean stocks fall on profit-taking after trade hopes fuelled rally

    * KOSPI turns lower after stronger start, foreigners net
    * Korean won edges up versus U.S. dollar
    * South Korea benchmark bond yield rises

    SEOUL, Nov 8 (Reuters) - Round-up of South Korean financial
** South Korean shares reversed early gains to trade lower by
midday on Friday as investors cashed in on recent gains driven
by hopes for a U.S.-China trade deal. The Korean won advanced
and the benchmark bond yield edged higher.
** U.S. and Chinese officials said on Thursday the two sides
have agreed to roll back tariffs on each others' goods in a
"phase one" trade deal if it is completed, sparking division
among some advisers to President Donald Trump.             
** There is no strong negative development to blame for the drop
in the stock price index other than profit-taking after recent
gains and ahead of the weekend, Huh Jae-hwan, an analyst at
Eugene Investment & Securities said. 
** The Seoul stock market's main KOSPI index         fell 5.76
points, or 0.27%, to 2,138.53 by 0222 GMT. The index has risen
2% so far this week.
** Foreigners were net sellers of 31.0 billion won worth of
shares on the main board. 
** The won was quoted at 1,157.2 per dollar on the onshore
settlement platform           , 0.18% higher than its previous
close at 1,159.3.
** In offshore trading, the won        was quoted at 1,156.8 per
U.S. dollar, down 0.2% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,156.1 per dollar.
** MSCI's broadest index of Asia-Pacific shares outside Japan
                was down 0.29%. Japanese stocks         rose
** The KOSPI has risen 4.78% so far this year, and gained 2.1%
in the previous 30 trading sessions.
** The trading volume during the session in the KOSPI index
        was 241.76 million shares and, of the total traded
issues of 903, the number of advancing shares was 434.
** The won has lost 3.6% against the U.S dollar so far this
** In money and debt markets, December futures on three-year
treasury bonds         fell 0.08 points to 109.79.
** The most liquid 3-year Korean treasury bond yield rose by 4.1
basis points to 1.578%, while the benchmark 10-year yield rose
by 5.8 basis points to 1.872%.

 (Reporting by Choonsik Yoo; Editing by Aditya Soni)
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