S.Korean stocks drop on China-U.S. spat, virus worries
* KOSPI falls, foreigners net buyers
* KRW weakens against USD
* S.Korea benchmark bond yield falls
* For the midday report, please click
SEOUL, July 24 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares slid on Friday as investors fretted over escalating U.S.-China tensions and surging COVID-19 cases. The Korean won and the benchmark bond yield both fell.
** The benchmark KOSPI ended 15.75 points, or 0.71%, lower at 2,200.44. For the week, the index closed little changed.
** China’s foreign ministry said it told the U.S. embassy on Friday morning to close its consulate in the southwestern city of Chengdu, days after Washington ordered the closure of the Chinese consulate in Houston.
** The number of Americans filing for unemployment benefits unexpectedly rose last week for the first time in nearly four months, suggesting the labour market was stalling.
** Markets now await details of the U.S. stimulus plan and the Federal Reserve meeting due next week, said Na Jeong-hwan, an analyst at DS Investment & Securities.
** Foreigners were net buyers of 86.9 billion won ($72.31 million) worth of shares on the main board.
** The won ended trading at 1,201.5 per dollar on the onshore settlement platform, 0.35% lower than its previous close at 1,197.3. The won, however, strengthened 0.3% on a weekly basis.
** In offshore trading, the won was quoted at 1,200.6 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,200.3.
** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.62%.
** The trading volume in the KOSPI index was 979.28 million shares. Of the total traded issues of 900, the number of advancing shares was 265.
** In money and debt markets, September futures on three-year treasury bonds fell 0.02 point to 112.21.
** The most liquid 3-year Korean treasury bond yield rose by 0.4 basis point to 0.801% in late afternoon trade, while the benchmark 10-year yield fell by 1.3 basis points to 1.304%. ($1 = 1,201.7200 won) (Reporting by Joori Roh; Additional reporting by Jihoon Lee; Editing by Subhranshu Sahu)
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