South Korean stocks gain on improved sentiment in pharma sector

SEOUL: Round-up of South Korean financial markets:

** South Korean shares closed firmer on Wednesday as investors flocked to pharmaceutical stocks following a sharp sell-off in the recent days. The won weakened, while the benchmark bond yield rose.

** The benchmark KOSPI ended up 16.49 points or 0.86% at 1,941.09.

** Despite external factors remained uncertain, rebound of pharmaceutical shares led gains of the broader market, said Lee Young-gon, an analyst at Hana Financial Investment. Investors bought bio shares on views that there would be no further negative issues, Lee added.

** The medical sub-index was the biggest percentage gainer among KOSPI sub-indexes, jumping 4.6%. The junior KOSDAQ  rose 2.5%, also helped by bullish drugmakers.

** The medical sub-index has stumbled nearly 30% so far this year, hit by unfavourable news including suspension of SillaJen's clinical tests.

** Foreigners were net sellers of 51.9 billion won ($42.80 million) worth of shares on the main board on Wednesday.

** The won was quoted at 1,213.9 per dollar on the onshore settlement platform, 0.22% lower than its previous close at 1,211.2.

** In offshore trading, the won was quoted at 1,213.8 per U.S. dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract  was quoted at 1,212.7 per dollar.

** MSCI's broadest index of Asia-Pacific shares outside Japan  was unchanged, while U.S. stocks closed lower . Japanese stocks rose 0.11%.

** The KOSPI has fallen 4.90% so far this year, and lost 7.6% in the previous 30 trading sessions.

** The current price-to-earnings ratio is 12.10, the dividend yield is 1.28% and the market capitalisation is 1,242.04 trillion won.

** Trading volume during the session on the KOSPI index was 280.08 million shares and, of the total traded issues of 892, the number of advancing shares was 609.

** The won has lost 8.1% against the U.S dollar so far this year.

** In money and debt markets, September futures on three-year treasury bonds rose 0.04 points to 111.22, while the 3-month Certificate of Deposit rate was quoted at 1.49%.

** The most liquid 3-year Korean treasury bond yield rose by 4.5 basis points to 1.215%, while the benchmark 10-year yield rose by 3.9 basis points to 1.274%.