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South Korean stocks mark lowest close in 1-1/2 weeks on inflation, Delta threat

  • The benchmark KOSPI closed down 32.87 points, or 1%, at 3,244.04, marking the lowest close since July 9
Published July 19, 2021

SEOUL: Round-up of South Korean financial markets:

** South Korean shares ended 1% lower on Monday, pulled down by technology heavyweights, as growing inflationary pressures and concerns over the surge in COVID-19 cases dampened risk appetite. The won and the benchmark bond yield weakened.

** The benchmark KOSPI closed down 32.87 points, or 1%, at 3,244.04, marking the lowest close since July 9.

** Technology giant Samsung Electronics fell 1%, while peer SK Hynix tumbled 2.06%. Internet giant Naver and battery maker LG Chem slid 0.89% and 0.97%, respectively.

** Foreigners were net sellers of 454.0 billion won ($397.72 million) worth of shares on the main board.

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

** Global economic growth is beginning to show signs of fatigue while many countries, particularly in Asia, are struggling to curb the highly contagious Delta variant of the coronavirus and have been forced into some form of lockdown.

** At home, the government's tougher COVID-19 restrictions on private gatherings were expanded to outside the Seoul metropolitan area, as the country struggles to contain its worst outbreak.

** Last week, US data showed that retail sales unexpectedly increased in June on strong demand for goods, while consumer sentiment fell sharply and unexpectedly in early July to a five-month low on inflation worries.

** The won ended at 1,147.8 per dollar on the onshore settlement platform, 0.72% lower than its previous close at 1,139.5.

** In offshore trading, the won was quoted at 1,147.5 per dollar, down 0.5% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,147.5.

** In money and debt markets, September futures on three-year treasury bonds rose 0.03 points to 110.04.

** The most liquid 3-year Korean treasury bond yield rose by 2.1 basis points to 1.466%, while the benchmark 10-year yield fell by 3.0 basis points to 1.975%.

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