March 5, 2020 / 3:12 AM / a month ago

S.Korea stocks rise on Wall Street cheer, global stimulus

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

    SEOUL, March 5 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares rose on Thursday, tracking gains on
Wall Street, and as global stimulus efforts to counter the
economic impact from the coronavirus boosted sentiment. The
Korean won edged higher, while the benchmark bond yield rose.
    ** By 0224 GMT, the benchmark KOSPI         rose 6.40
points, or 0.31%, to 2,065.73.
    ** Foreign investors sold 124.6 billion won ($104.99
million) worth of shares on the main board. On Wednesday, they
snapped a seven-day selling spree totalling 4.7 trillion won.
    ** Foreigners were seen selling technology stocks,
especially chip giants, said Lee Kyoung-min, analyst at Daishin
    ** Samsung Electronics             was down 0.9%, while SK
Hynix             was trading flat.
    ** An easing of global monetary and fiscal policies has
supported the KOSPI index from further falls, and it will
recover to trade above the 2,100 level soon after the
coronavirus spread passes its peak, Lee added.
    ** The country reported 438 new virus cases, raising the
national tally to 5,766 as of early Thursday. Three more died,
with the death toll at 35, but new infections were seen slowing,
supporting hopes that the peak of the epidemic may be over.
    ** Meanwhile, Wall Street surged overnight, boosted by a
strong performance by former Vice President Joe Biden in the
Democratic primary contests.                          
    ** The IMF is making available $50 billion in emergency
funding to help poor and middle-income countries tackle the
epidemic, the International Monetary Fund said on Wednesday.
    ** This followed global monetary easing announced by the
United States, Canada and Australia.
    ** South Korea's central bank said on Wednesday that the
Fed's emergency cut gives it more policy room to manoeuvre,
though adding it could not confirm if it would hold an
inter-meeting rate review this month ahead of the next scheduled
meeting in April.             
    ** JPMorgan now sees South Korea's central bank cutting
rates in March, "possibly through an inter-meeting action," with
another cut in the third quarter on a close call, Park Seok-gil,
executive director of Asia economic research, said in a report.
    ** Yields on South Korea's three- and five-year treasury
bonds dropped to record lows on Wednesday as traders priced in
lower borrowing costs in the near term.    
    ** The won was quoted at 1,185.8 per dollar on the onshore
settlement platform           , 0.17% higher than its previous
close at 1,187.8.
    ** In offshore trading, the won        was quoted at 1,186.8
per U.S. dollar, down 0.2% from the previous day, while in
non-deliverable forward trading, its one-month contract
              was quoted at 1,186.0 per dollar.
    ** The trading volume during the session in the KOSPI index
        was 331.97 million shares. Of the total traded issues of
903, the number of advancing shares was 581.
    ** The KOSPI has fallen 6% so far this year, while the won
has lost 2.5% against the dollar.
    ** In money and debt markets, March futures on three-year
treasury bonds         fell 0.12 points to 111.61.
    ** The most-liquid 3-year Korean treasury bond yield rose by
2.3 basis points to 1.051%, while the benchmark 10-year yield
rose by 3.6 basis points to 1.336%.

($1 = 1,186.7700 won)

 (Reporting by Joori Roh; Editing by Devika Syamnath)
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