South Korea stocks inch up as investors await trade talk outcome

10 May, 2019

** South Korea's KOSPI stock index rose on Friday, although it lost some of its early gains after U.S. President Donald Trump's tariff hike, as investors waited for the outcome of the 2-day talks between the world's largest economies. The Korean won strengthened and the benchmark bond yield rose.

** The Seoul stock market's main KOSPI index rose 6.03 points or 0.29% to 2,108.04.

** For the week, the KOSPI lost 4.02%, its biggest weekly loss since late October 2018.

** Foreigners were net sellers of 322.2 billion won worth of shares on the main board.

** Trump's tariff increase to 25% on $200 billion worth of Chinese goods took effect on Friday, and Beijing said it would strike back, ratcheting up tensions as the two sides pursue last-ditch talks to try and salvage a trade deal.

** The won was quoted at 1,177.0 per dollar on the onshore settlement platform, 0.24% higher than its previous close at 1,179.8.   ** In offshore trading, the won was quoted at 1,176.5 per U.S. dollar, up 0.2% from the previous day, while in one-year non-deliverable forward trading its one-month contract  was quoted at 1,175.2 per dollar.

** MSCI's broadest index of Asia-Pacific shares outside Japan  was up 0.68 percent, after U.S. stocks fell . Japanese stocks fell 0.27%.

** The KOSPI has risen 3.28% so far this year, and fell 2.2% 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.

** The trading volume during the session on the KOSPI index  was 701.73 million shares and, of the total traded issues of 892, the number of advancing shares was 358.

** The won has lost 5.2% against the U.S dollar this year.

** In money and debt markets, June futures on three-year treasury bonds fell 0.04 points to 109.51, while the 3-month Certificate of Deposit rate was quoted at 1.84%.

** The most liquid 3-year Korean treasury bond yield rose by 0.6 basis points to 1.715%, while the benchmark 10-year yield rose by 0.6 basis points to 1.868%.

Copyright Reuters, 2019

Read Comments