March 4, 2020 / 3:00 AM / a month ago

S.Korea stocks rise on foreign buying after Fed's surprise rate cut

    * KOSPI jumps, foreigners buy
    * KRW strengthens against USD
    * S.Korea benchmark bond yield falls

    SEOUL, March 4 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares rose more than 1.5% on Wednesday on
foreign investor buying as an emergency interest rate cut by the
U.S. Federal Reserve sent the dollar to a five-month low. The
won strengthened the most among Asian peers, while the benchmark
bond yield fell.
    
    ** By 0215 GMT, the benchmark KOSPI         surged 33.34
points, or 1.66%, to 2,047.49.
    
    ** Foreigners purchased a net 171.6 billion won ($144.44
million) worth of shares on the main board, snapping seven
consecutive sessions of selling worth around 4.7 trillion won.
    
    ** The Fed cut interest rates on Tuesday, the first
reduction outside regular meeting since 2008, in a bid to shield
the economy from the impact of the coronavirus, but the
emergency move failed to comfort financial markets.             
    
    ** The rate cut came after the Reserve Bank of Australia
lowered its cash rate to a record low of 0.5%.             

    ** The jump in KOSPI was mainly driven by foreign buying as
investors sought "foreign-exchange profit on weakening dollar
after Fed's out-of-meeting rate cut", said Lee Won, an analyst
at Bookook Securities.
    
    ** The analyst said buying by foreign investors was a
short-term action and KOSPI would continue to be volatile until
early April.
    
    ** Heavyweights Samsung Electronics             and SK Hynix
            were up 2.5% and 1.7%, respectively.

    ** The country reported 516 new cases, taking the total
infections to 5,328 as of early Wednesday. Four more people
died, bringing the death toll to 32.             
    
    ** The won was quoted at 1,187.4 per dollar on the onshore
settlement platform           , 0.66% higher than its previous
close at 1,195.2.
    
    ** In offshore trading, the won        was quoted at 1,188.1
per U.S. dollar, down 0.6% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,186.7 per dollar.
    
    ** MSCI's broadest index of Asia-Pacific shares outside
Japan                 was down 0.15%, while Japanese stocks
        eased 0.07%.            
    
    ** The trading volume in the KOSPI index         was 305.62
million shares. Of the total traded issues of 903, the number of
advancing shares was 635.
    
    ** The KOSPI has fallen 6.83% so far this year, while the
won has lost 2.6% against the dollar.
    
    ** In money and debt markets, March futures on three-year
treasury bonds         rose 0.35 point to 111.74.
    
    ** The most liquid 3-year Korean treasury bond yield fell by
8.7 basis points to 1.019%, while the benchmark 10-year yield
declined by 7.1 basis points to 1.298%.
    
    ($1 = 1,188.0300 won)

 (Reporting by Joori Roh; Editing by Subhranshu Sahu)
  
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