June 2, 2020 / 7:51 AM / a month ago

S.Korean shares hit 14-week high on global recovery hopes

* KOSPI jumps, foreigners net sellers

* KRW holds steady against USD

* South Korea benchmark bond yield falls

* For the midday report, please click

SEOUL, June 2 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares jumped over 1% to a 14-week high on Tuesday on global economic recovery hopes despite concerns over ongoing U.S.-China tensions and protests in the United States. The Korean won weakened, and the benchmark bond yield fell.

** South Korea’s economy turned out to have shrunk by a seasonally adjusted 1.3% in the January-March period from the previous quarter, while annual inflation rate in May fell below zero for the first time since September 2019.

** The nation’s finance ministry said it will take action to stabilise financial markets if U.S.-China tensions over Hong Kong spark more volatility.

** South Korea on Tuesday decided to resume dispute settlement proceedings over Japan’s export controls as the two failed to make progress over talks to resolve the trade disputes rooted in wartime history.

** The Seoul stock market’s main KOSPI closed up 22.11 points, or 1.07%, at 2,087.19, its highest close since Feb 25.

** Shares of South Korean shipbuilders closed up as much as 18% on Tuesday following deals worth $19 billion to build vessels for Qatar Petroleum (QP).

** Investors are cautiously eyeing ongoing U.S.-China tensions and protests in the United States, though the impact on stock prices seem limited, Bookook Securities’ analyst Lee Won said.

** Foreigners were net sellers of 46.2 billion won ($37.68 million) worth of shares on the main board.

** The won closed trading 0.03% lower at 1,225.4 per dollar on the onshore settlement platform.

** In offshore trading, the won was quoted 0.2% lower at 1,226.0 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,225.0.

** In money and debt markets, June futures on three-year treasury bonds rose 0.05 point to 112.13.

** The most liquid 3-year Korean treasury bond yield rose by 3.3 basis points to 0.860%, while the benchmark 10-year yield fell by 0.3 basis point to 1.387%. ($1 = 1,226.0000 won) (Reporting by Jihoon Lee; Editing by Shailesh Kuber)

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