South Korea stocks flat as surging COVID-19 cases eclipse vaccine hopes

SEOUL: Round-up of South Korean financial markets:

South Korean shares traded flat on Monday as concerns over surging coronavirus cases at home offset hopes of swift vaccine roll out globally. The won edged up, while the benchmark bond yield fell.

The benchmark KOSPI was nearly unchanged at 2,770.61 by 0250 GMT, up 0.55 points, or 0.02% from the previous close, after falling as much as 0.53% in early trade.

South Korea reported 718 new coronavirus cases on Monday, a drop from a record 1,030 infections a day earlier, though the president warned that the COVID-19 restrictions may be raised to the highest level.

That eclipsed hopes of a swifter vaccine roll-out and economic recovery after first shipments of COVID-19 vaccine to the United States left on trucks and planes early on Sunday.

Foreigners were net sellers of 220.1 billion won ($201.99 million) worth of shares on the main board.

The won was quoted at 1,089.9 per dollar on the onshore settlement platform, 0.04% higher than its previous close at 1,090.3.

The KOSPI has risen 26.07% so far this year, and gained 22.2% in the previous 30 trading sessions.

In money and debt markets, December futures on three-year treasury bonds was unchanged at 111.70.

The most liquid 3-year Korean treasury bond yield rose by 0.2 basis points to 0.982%, while the benchmark 10-year yield fell by 1.0 basis points to 1.653%.