S.Korean stocks slide on uncertainty over EU, US stimulus

SEOUL: Round-up of South Korean financial markets:

South Korean shares slipped on Monday as deadlocked talks in Europe over a recovery package to help economies cope with the COVID-19 fallout dented investor sentiment.

The Korean won rose, while the benchmark bond yield fell.

The benchmark KOSPI closed down 2.99 points, or 0.14pc, at 2,198.20.

Investors are also eyeing South Korea's 20-day export data and second quarter GDP data due this week, said Na Jeong-hwan, an analyst with DS Investment & Securities.

EU leaders stood at an impasse on Sunday after three days of haggling over a plan to revive economies throttled by the COVID-19 pandemic, but the chairman of the near-record-length summit urged them to make one last push on "mission impossible".

Foreigners were net sellers of 76.1 billion won ($63.26 million) worth of shares on the main board.

The won ended trading at 1,203.2 per dollar on the onshore settlement platform, 0.16pc higher than its previous close at 1,205.1.

In offshore trading, the won was quoted at 1,203.0 per dollar, unchanged from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,202.6.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.23pc.

The trading volume during the session in the KOSPI index was 675.46 million shares. Of the total 901 traded issues, 364 advanced.

In money and debt markets, September futures on three-year treasury bonds rose 0.05 points to 112.20, while the 3-month certificate of deposit rate was quoted at 0.79pc in late afternoon trade.

The most liquid 3-year Korean treasury bond yield fell 0.7 basis points to 0.805pc in late afternoon trade, while the benchmark 10-year yield fell 0.8 basis points to 1.340pc.