South Korean stocks inch up amid trade talks; investor eyes on Middle East

South Korean shares ended slightly higher on Monday, extending gains for a 12th session while investors remain caut
23 Sep, 2019
  • South Korean shares ended slightly higher on Monday, extending gains for a 12th session while investors remain cautious on U.S.-China trade negotiations and Middle East tensions.
  • U.S. and Chinese deputy negotiators held "productive" talks in Washington this week aimed at improving their trade relationship, the U.S. Trade Representative's office said on Friday without offering further details.

** South Korean shares ended slightly higher on Monday, extending gains for a 12th session while investors remain cautious on U.S.-China trade negotiations and Middle East tensions. The Korean won weakened, while the benchmark bond yield rose.

** The Seoul stock market's main KOSPI index rose 0.18 points, or 0.01%, to 2,091.70.

** Heightened uncertainty again after two-day talks between the United States and China, said Seo Jung-hun, analyst at Samsung Securities.

** Investors are watching Middle East tensions and a summit between South Korean President Moon Jae-in and U.S. President Donald Trump this week at the United Nations, Seo added.

** South Korean President Moon and U.S. President Trump are expected to hold a summit at the United Nations this month, Moon's office said on Friday, amid hopes for a restart of talks aimed at dismantling North Korea's nuclear weapons programme.

** U.S. and Chinese deputy negotiators held "productive" talks in Washington this week aimed at improving their trade relationship, the U.S. Trade Representative's office said on Friday without offering further details.

** Foreign investors were net sellers of 70.8 billion won worth of shares on the main board.

** The won was quoted at 1,194.0 per dollar on the onshore settlement platform, down 0.50% from its previous close at 1,188.0.

** In offshore trading, the won was quoted at 1,194.0 per U.S. dollar, down 0.1% from the previous day, while in non-deliverable forward trading the one-month contract  was quoted at 1,192.9 per dollar.

** MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.21%, after U.S. stocks fell.

** The KOSPI has risen 2.48% this year, and gained 9.1% in the previous 30 trading sessions.

** Trading volume on the KOSPI was 409.35 million shares and, with 893 traded issues including 374 advancing shares.

** The won has lost 6.6% against the U.S dollar this year.

** In money and debt markets, December futures on three-year treasury bonds fell 0.02 points to 110.69, while the 3-month Certificate of Deposit rate was quoted at 1.55%.

** The most liquid 3-year Korean treasury bond yield fell by 0.6 basis points to 1.327%, while the benchmark 10-year yield rose by 0.5 basis points to 1.460%.

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