South Korean shares slip as coronavirus cases continue to surge

SEOUL: Round-up of South Korean financial markets:

South Korean shares edged down on Tuesday on concerns over rising local coronavirus cases, with investors awaiting the US Federal Reserve's monetary policy meeting.

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

South Korea's prime minister pleaded with residents on Tuesday to abide by social distancing rules to avoid even greater restrictions in the face of the country's largest wave of coronavirus infections. The country reported 880 new coronavirus cases as of midday Monday, up from 718 a day earlier.

The benchmark KOSPI fell 3.86 points, or 0.14%, to 2,758.34 by 0135 GMT.

Foreigners were net sellers of 119.5 billion won ($109.40 million) worth of shares on the main board.

Investors are taking a wait-and-see stance ahead of the US Federal Reserve's monetary policy meeting, said Seo Sang-young, an analyst at Kiwoom Securities.

China's industrial output rose 7% in November from a year ago, in line with analyst expectations, data showed on Tuesday, expanding for the eighth straight month as robust exports drove a factory recovery from the coronavirus slump.

The won was quoted at 1,092.2 per dollar on the onshore settlement platform, 0.04% lower than its previous close at 1,091.8.

In money and debt markets, December futures on three-year treasury bonds rose 0.02 points to 111.70.

The most liquid 3-year Korean treasury bond yield fell by 0.8 basis points to 0.978%, while the benchmark 10-year yield fell by 0.9 basis points to 1.663%.