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Markets

South Korean stocks end lower on worries over economic impact from virus

The won was quoted at 1,189.5 per dollar on the onshore settlement platform, 0.47pc lower than its previous close a
18 Feb 2020
  • The won was quoted at 1,189.5 per dollar on the onshore settlement platform, 0.47pc lower than its previous close at 1,183.9.
  • The KOSPI has risen 0.51pc so far this year, and gained 3.1pc in the previous 30 trading sessions.
  • The trading volume was 464.88 million shares. Of the total traded issues of 903, the number of advancing shares was 178.

SEOUL: Round-up of South Korean financial markets: South Korean stocks closed 1.5pc lower on Tuesday after Apple's revenue warning deepened worries about the economic fallout due to the coronavirus outbreak in China. The Korean won and the benchmark bond yield fell.

The KOSPI ended down 33.29 points, or 1.48pc, at 2,208.88, its lowest close since Feb. 10.

Apple Inc warned on Monday it would not meet its revenue forecast for the March quarter as iPhone production and demand in China slowed due to the epidemic.

Undermining the benchmark index further was a fall in South Korean chipmakers on signs of widening rifts between Washington and Chinese tech heavyweight Huawei Technologies.

Samsung Elec and SK Hynix declined nearly 3pc each on news that the Trump administration is considering changing U.S. regulations to allow it to block shipments of chips to Huawei Technologies from companies such as Taiwan's TSMC.  Foreigners were net sellers of 305.6 billion won ($256.88 million) worth of shares on the main board.

The won was quoted at 1,189.5 per dollar on the onshore settlement platform, 0.47pc lower than its previous close at 1,183.9.

In offshore trading, the won was quoted at 1,188.4 per U.S. dollar, down 0.3pc from the previous day, while in non-deliverable forward trading, its one-month contract  was quoted at 1,188.6 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan  was down 1.04pc.. Japanese stocks  fell 1.40pc.

The KOSPI has risen 0.51pc so far this year, and gained 3.1pc in the previous 30 trading sessions.

The trading volume was 464.88 million shares. Of the total traded issues of 903, the number of advancing shares was 178.

The won has lost 2.8pc against the dollar so far this year.

In money and debt markets, March futures on three-year treasury bonds rose 0.14 point to 110.83, while the 3-month Certificate of Deposit rate was quoted at 1.42pc in late afternoon trade.

The most liquid 3-year Korean treasury bond yield fell by 5.1 basis points to 1.272pc in late afternoon trade, while the benchmark 10-year yield fell by 6.6 basis points to 1.561pc.

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