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Markets

South Korean stocks end flat as virus cases spike across Asia; focus on economic data

  • KOSPI flat, foreigners net sellers.
  • Korean won weakens against US dollar.
  • South Korea benchmark bond yield rises.
Published June 28, 2021
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SEOUL: Round-up of South Korean financial markets:

South Korean shares ended flat on Monday, with cautious investors refraining from making fresh bets ahead of a slew of economic data later this week, as coronavirus cases spiked across Asia over the weekend. The won weakened and the benchmark bond yield rose.

The benchmark KOSPI closed down 0.95 points, or 0.03%, at 3,301.89, following a record close on Friday.

Investors were concerned about a spike in coronavirus infections in Asia, with Australia's most populous city of Sydney plunging into a lockdown.

Technology giant Samsung Electronics gained 0.37%, while peer SK Hynix tumbled 1.95%. Battery maker LG Chem and internet giant Naver slid 0.95% and 0.49%, respectively.

Foreigners were net sellers of 73.2 billion won ($64.76 million) worth of shares on the main board.

"Investors are taking a wait-and-see stance ahead of batches of economic data including Chinese PMI, South Korean trade and US jobs," said Lee Kyoung-min, an anlayst at Daishin Securities.

South Korea's May industrial output data is due on Wednesday, while trade and inflation data will be released on Thursday and Friday, respectively.

The won ended at 1,130.3 per dollar on the onshore settlement platform, 0.23% lower than its previous close of 1,127.7.

In offshore trading, the won was quoted at 1,130.4 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,130.3.

In money and debt markets, September futures on three-year treasury bonds fell 0.07 points to 109.83.

The benchmark 10-year yield rose by 4.1 basis points to 2.141%.

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