August 2, 2019 / 2:25 AM / 4 months ago

S.Korea stocks hit 7-month low as Trump's tariff threat bites

    * KOSPI index slumps, foreigners net sellers
    * Korean won weakens versus U.S. dollar
    * South Korea benchmark bond yield falls

    SEOUL, Aug 2 (Reuters) - Round-up of South Korean financial
** South Korean shares plunged nearly 1% on Friday on U.S.
President Donald Trump's latest tariff threat to China, while
Japan's decision to remove South Korea from easy-trade list put
further pressure on the trade-reliant economy. 
** U.S. President Donald Trump said he plans to impose a 10%
tariff on $300 billion of Chinese imports from next month and
could raise tariffs further if China's President Xi Jinping
fails to move more quickly to strike a trade deal. Trump's
remarks pushed U.S. stocks lower.             
** As worries over global supply chain prompted demand for
safe-haven, South Korean won marked its lowest against Japanese
yen since January 2017. The currency also matched its lowest
level versus the U.S. dollar since January 2017. The benchmark
bond yield hit all-time low. 
** As of 0217 GMT, the Seoul stock market's main KOSPI        
was down 19.91 points or 0.99% at 1,997.43 points. The index
lost as much as 1.5% in early trade, hitting the lowest since
early January. 
** Japan's cabinet approved a plan to remove South Korea from a
list of countries that enjoy minimum export controls, a move
likely to escalate tensions fuelled by a dispute over
compensation for wartime forced labourers.                
** Uncertainties were resolved after Japan's easy-trade list,
said Noh Dong-kil, an analyst at NH Investment & Securities. It
is unclear whether the measure would actually hit local firms as
it's unknown which items will be affected, he added. 
** Foreigners were net sellers of 92.4 billion won ($77.41
million) worth of shares on the main board. 
** The won was quoted at 1,193.7 per dollar on the onshore
settlement platform           , 0.44% lower than its previous
close at 1,188.5.
** In offshore trading, the won        was quoted at 1,193.7 per
U.S. dollar, up 0.1% from the previous session, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,192.4 per dollar.
** MSCI's broadest index of Asia-Pacific shares outside Japan
                was down 1.43%, after U.S. stocks turned lower
after Trump's tariff remarks. Japanese stocks         fell
** The KOSPI dropped 2.19% so far this year, and lost 5.3% 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 in the KOSPI index
        was 214.76 million shares and, of the total traded
issues of 887, the number of advancing shares was 151.
** The won lost 6.5% against the U.S dollar so far this year.
** In money and debt markets, September futures on three-year
treasury bonds         rose 0.19 points to 110.99, while the
3-month Certificate of Deposit rate was quoted at 1.50%.
** The most liquid 3-year Korean treasury bond yield fell by 5.8
basis points to 1.251%, while the benchmark 10-year yield
dropped 7.1 basis points to 1.334%.
    ($1 = 1,193.7000 won)

 (Reporting by Hayoung Choi, Editing by Sherry Jacob-Phillips)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below