South Korea stocks flat ahead of US stimulus unveiling

SEOUL: Round-up of South Korean financial markets:

South Korean shares were flat in range-bound trading on Thursday, as foreign selling offset expectations of a US stimulus package set to be unveiled later in the day. Both the won and the benchmark bond yield fell.

The benchmark KOSP fell 0.89 points, or 0.03%, to 3,147.40 by 0229 GMT, after rising 0.3% in early trade. The index gained 0.72% in the previous session.

US President-elect Joe Biden is due to unveil a COVID-19 relief plan costing "trillions" of dollars later in the day.

"Eyes are (also) on US Federal Reserve Chair Powell's remarks and stimulus hopes under the incoming Joe Biden administration," said Kiwoon Securities' analyst Seo Sang-young.

Major heavyweights were trading mixed: Chip giant Samsung Electronics and peer SK Hynix fell 0.7% and 2.6%, respectively, while LG Chem rose 3.4% and Naver added 1.4%.

South Korea's central bank is expected to keep interest rates

Foreigners were net sellers of 146.7 billion won ($133.34 million) worth of shares on the main board.

The won was quoted at 1,099.4 per dollar on the onshore settlement platform, 0.39% lower than its previous close at 1,095.1.

In offshore trading, the won was quoted at 1,100.3 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,099.6.

In money and debt markets, March futures on three-year treasury bonds fell 0.02 points to 111.56.

The most liquid 3-year Korean treasury bond yield rose by 0.1 basis points to 0.980%.