March 10, 2020 / 2:53 AM / a month ago

S.Korea shares cut losses on market stabilising measures, global stimulus hopes

    * KOSPI falls, foreigners sell
    * KRW gains versus USD
    * S.Korea benchmark bond yield rises

    SEOUL, March 10 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares came off six-month lows to trade
slightly lower on Tuesday as the government pledged to act
against short-selling of stocks and hopes of global stimulus
measures eased worries about rising economic risks from the
coronavirus outbreak. The won gained against the dollar, while
the benchmark bond yield rose.
    
    ** South Korea will temporarily tighten short-selling rules
on stocks starting Wednesday after the virus outbreak pushed
domestic equities to the brink of a bear market, the finance
ministry said.             
    
    ** On Monday, Seoul shares fell more than 4%, with foreign
investors selling net 1.313 trillion won ($1.10 billion) worth
of shares on the main board, the biggest on record, preliminary
data from the Korea Exchange showed.
    
    ** By 0213 GMT, the benchmark KOSPI         fell 6.17
points, or 0.32%, to 1,948.60. It slid as much as 1.03% earlier
in the session to a six-month low. 
    
    ** Foreigners were net sellers of 507.7 billion won worth of
shares on the main board.
    
    ** The country reported 35 new virus cases, bringing the
total infections to 7,513. This comes a day after the daily rate
of new infections fell to its lowest in 11 days.             
    
    ** "KOSPI started trading down due to big losses on Wall
Street, but it trimmed some of the losses helped by the White
House and the U.S. Federal Reserve's measures to counter the
virus impact," said Kim Dae-jun, an analyst at Korea Investment
& Securities.
    
    ** Investors will keep an eye on the European Central Bank's
rate-setting meeting and the expiry of front-end KOSPI futures,
both due on Thursday, Kim added.
    
    ** U.S. President Donald Trump on Monday said he will be
taking "major" steps to gird the economy against the virus
impact and will discuss a payroll tax cut with congressional
Republicans. He is due to hold a press conference later on
Tuesday.             
        
    ** The U.S. Federal Reserve stepped up its repo operations
by increasing the size of its fund injections to head off any
turmoil in financial markets caused by the outbreak.
            
    
    ** The won was quoted at 1,198.5 per dollar on the onshore
settlement platform           , 0.48% higher than its previous
close at 1,204.2.
    
    ** In offshore trading, the won        was quoted at 1,199.5
per U.S. dollar, up 0.1% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,197.9 per dollar.
    
    ** MSCI's broadest index of Asia-Pacific shares outside
Japan                 was down 0.14%.
    
    ** The trading volume in the KOSPI index         was 324.32
million shares. Of the total traded issues of 903, the number of
advancing shares was 139.
    
    ** The KOSPI has fallen 11.33% this year, while the won has
lost 3.5% against the dollar.
    
    ** In money and debt markets, March futures on three-year
treasury bonds         fell 0.09 point to 111.54.
    
    ** The most liquid 3-year Korean treasury bond yield rose by
1.1 basis points to 1.065% in early trade, while the benchmark
10-year yield rose by 2.8 bps to 1.326%.
    
($1 = 1,198.3600 won)

 (Reporting by Joori Roh; Additional reporting by Jihoon Lee;
Editing by Subhranshu Sahu)
  
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