S.Korea shares snap three-session winning streak as virus cases jump, U.S. yields rise
* 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, Feb 17 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares fell on Wednesday, after gaining for three consecutive sessions, as investor sentiment sapped on concerns over rising coronavirus cases at home and following a surge in U.S. Treasury yields on worries that a stimulus-fuelled global recovery will stoke inflation.
** The won weakened to a one-week low, while the benchmark bond yield rose.
** The benchmark KOSPI ended down 29.52 points, or 0.93%, at 3,133.73, after tumbling as much as 1.5% in early trade.
** South Korea’s prime minister, Chung Sye-kyun, warned against the loosening enforcement of social-distancing rules after the country reported 621 new infections as of Tuesday midnight, the highest levels in 39 days.
** Among major heavyweights, chip giants Samsung Electronics and SK Hynix dropped 2% and 1.9%, respectively, while LG Chem and Hyundai Motor slipped 2.2% and 1.6% each.
** U.S. Treasury yields hit one-year highs on Wednesday, lending support to the dollar but pressuring lofty valuations for stocks, as investors reckoned that a stimulus-fuelled global recovery will eventually bring rising inflation.
** Foreigners were net sellers of 509.3 billion won ($459.71 million) worth of shares on the main board.
** The won ended at 1,107.5 per dollar on the onshore settlement platform, 0.67% weaker than its previous close at 1,100.1.
** In offshore trading, the won was quoted at 1,107.3 per dollar, down 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,107.2.
** In money and debt markets, March futures on three-year treasury bonds fell 0.04 points to 111.57.
** The most liquid 3-year Korean treasury bond yield rose by 0.3 basis points to 0.988%, while the benchmark 10-year yield rose by 1.7 basis points to 1.867%.
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