Saturday, 26 Sep 2020

S.Korea stocks fall as stalled U.S. stimulus weighs on PMI, trade data optimism

    * KOSPI edges down, foreigners net sellers
    * KRW weakens against USD
    * South Korea benchmark bond yield rises

    SEOUL, Aug 3 (Reuters) - Round-up of South Korean financial
    ** South Korean shares inched down on Monday, as dented
hopes over the U.S. stimulus plan and a global surge in
coronavirus infections offset optimism around domestic data. The
won weakened, while the benchmark bond yield rose.
    ** By 0229 GMT, the benchmark KOSPI         fell 4.47
points, or 0.20%, to 2,244.90.
    ** White House Chief of Staff Mark Meadows said on Sunday he
was not optimistic on reaching agreement soon on a deal for the
next round of legislation to provide relief to Americans hit
hard by the pandemic.             
    ** A private survey showed on Monday South Korea's
manufacturing activity shrank at a much slower pace in July,
signalling that a gradual recovery in demand is gaining
momentum, although the resurgence in infections remained a risk.
    ** Also, the country on Saturday reported a 7.0% contraction
in July exports, the slowest in four months, also providing
further signs of a recovery.             
    ** Foreigners were net sellers of 136.4 billion won ($114.27
million) worth of shares on the main board.
    ** The won was quoted at 1,193.2 per dollar on the onshore
settlement platform           , 0.16% lower than its previous
close at 1,191.3.
    ** In offshore trading, the won        was quoted at 1,194.0
per dollar, down 0.0% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,194.1.
    ** MSCI's broadest index of Asia-Pacific shares outside
Japan                 was down 0.54%.
    ** The trading volume during the session in the KOSPI index
        was 369.50 million shares. Of the total traded issues of
900, the number of advancing shares was 297.
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.02 point to 112.30.
    ** The most liquid 3-year Korean treasury bond yield fell 
0.3 basis points to 0.793%, while the benchmark 10-year yield
slipped 0.1 basis points to 1.296%.

($1 = 1,193.6600 won)

 (Reporting by Joori Roh; Editing by Rashmi Aich)

Source: Read Full Article