S.Korean stocks fall 1% on Wall St tech selloff
* KOSPI falls, foreigners net sellers
* Korean won weakens against U.S. dollar
* South Korea benchmark bond yield falls
* For the midday report, please click
SEOUL, Sept 9 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares slumped over 1% on Wednesday, tracking a tech-led plunge on Wall Street overnight, as volatility increased ahead of the expiry of KOSPI futures and options contracts. The won and the benchmark bond yield also fell.
** The benchmark KOSPI closed down 26.10 points, or 1.09%, at 2,375.81, snapping a two-day winning streak spurred by a Samsung-led tech rally.
** Wall Street’s tech-and-stimulus-led rally was halted last week with the Nasdaq falling as much as 9.9% from its record closing high as investors booked profits after a run that boosted the index about 70% from its pandemic-lows.
** South Korea reported 156 new coronavirus cases as of Tuesday midnight, much slower than the peak last month, as the government’s unprecedented social distancing rules took effect.
** Investors shrugged off data showing the country’s unemployment rate dropped last month by the sharpest monthly decline since 1999.
** Local media reported Samsung Electronics’ display unit and LG Display are expected to stop supplying panels for premium smartphones to Huawei Technologies due to U.S. restrictions. Samsung Electronics slid 0.5%, while LG Display was flat.
** Foreigners were net sellers of 116.7 billion won ($98.13 million) worth of shares on the main board.
** The won ended trading at 1,189.1 per dollar on the onshore settlement platform, 0.23% lower than its previous close at 1,186.4.
** In offshore trading, the won was quoted at 1,189.3 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,188.8.
** The most liquid 3-year Korean treasury bond yield fell by 3.3 basis points to 0.917%, while the benchmark 10-year yield fell by 3.9 basis points to 1.517%. ($1 = 1,189.2800 won) (Reporting by Joori Roh; Editing by Amy Caren Daniel)
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