July 10, 2020 / 2:35 AM / a month ago

S.Korean shares fall as surging U.S. virus cases dash recovery hopes

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

    SEOUL, July 10 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares fell on Friday as soaring COVID-19
cases in the United States fuelled fears of renewed lockdown
measures that could hinder economic recovery from the pandemic.
The Korean won weakened, while the benchmark bond yield fell.
    
    ** The Seoul stock market's main KOSPI         fell 12.46
points, or 0.58%, to 2,155.44 as of 0150 GMT. The index was set
to gain 0.12% for the week.
    
    ** Record-breaking rises in coronavirus cases and deaths in
several U.S. states dimmed hopes of a quick economic recovery as
data showed shoppers staying out of stores in areas where cases
are rising the most.             
    
    ** South Korea reported 45 new coronavirus cases on Friday,
bringing the national tally to 13,338.
    
    ** Sentiment worsened as the coronavirus spreading at a
faster pace raised investor concerns about a second wave of
economic shutdowns in the U.S., said Lee Kyoung-min, an analyst
at Daishin Securities.
    
    ** Meanwhile, South Korea's finance minister said the
government will raise real estate taxes for multiple home owners
and encourage renters to unload homes.             
    
    ** Foreigners were net sellers of 215.8 billion won ($179.64
million) worth of shares on the main board. 
    
    ** The won was quoted 0.53% lower at 1,201.9 per dollar on
the onshore settlement platform           .
    
    ** In offshore trading, the won        was quoted down 0.4%
at 1,201.6 per dollar, while in non-deliverable forward trading
its one-month contract               was quoted at 1,201.5. 
    
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.06 point to 112.11.
    
    ** The most liquid 3-year Korean treasury bond yield fell by
0.8 basis point to 0.832%, while the benchmark 10-year yield
fell by 1.2 basis points to 1.379%.

($1 = 1,201.2900 won)

 (Reporting by Jihoon Lee; Editing by Devika Syamnath)
  
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