S.Korea shares snap nine sessions of gains on bleak China data
* KOSPI falls, foreigners net sellers
* Korean won weakens against U.S. dollar
* South Korea benchmark bond yield rises
* For the midday report, please click
SEOUL, Aug 14 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares snapped a nine-session winning streak on Friday, as sluggish Chinese retail sales and U.S. job data dented recovery hopes, while growing doubts over another round of U.S. stimulus weighed on sentiment. The Korean won weakened, while the benchmark bond yield rose.
** The benchmark KOSPI closed 30.04 points, or 1.23%, lower at 2,407.49, its sharpest fall since June 29. For the week, it rose 2.4%.
** China’s retail sales slipped in July as consumers failed to shake off wariness about the coronavirus, while the factory sector’s recovery struggled to pick up pace.
** U.S. lawmakers continued to battle over a new coronavirus stimulus package, while data showed jobless claims dropped below 1 million last week for the first time since the start of the pandemic, although at least 28 million people are still receiving unemployment checks, indicating a weak labour market.
** South Korea’s finance minister said the economy was seen bouncing back to sequential growth in the third quarter given signs of gradual recovery in recent data, but a slump in exports remained a major concern.
** The country reported 103 new coronavirus cases, of which 85 were domestic, the most locally transmitted cases since the end of March.
** Foreigners were net sellers of 462.4 billion won ($390.33 million) worth of shares on the main board.
** The won was quoted at 1,184.6 per dollar on the onshore settlement platform, 0.11% lower than its previous close at 1,183.3.
** In offshore trading, the won was quoted at 1,184.6 per dollar, unchanged from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,184.4.
** In money and debt markets, September futures on three-year treasury bonds fell 0.07 point to 112.14.
** The most liquid 3-year Korean treasury bond yield rose by 1.3 basis points to 0.828%, while the benchmark 10-year yield rose by 3.1 basis points to 1.394%. ($1 = 1,184.6500 won) (Reporting by Joori Roh; Editing by Subhranshu Sahu)
Source: Read Full Article