February 4, 2020 / 7:10 AM / 16 days ago

S.Korean stocks, won rally as investors bet on more China stimulus

* KOSPI posts sharpest one-day gain in 13 months

* Korean won gains 0.6% vs dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, Feb 4 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares rallied on Tuesday on increasing bets that China would roll out more stimulus measures to counter the economic fallout from coronavirus. The Korean won and the benchmark bond yield rose. ** The Seoul stock market’s main KOSPI ended up 39.02 points, or 1.84%, at 2,157.90, posting its steepest daily gain since Jan. 9, 2019. ** China is likely to come up with additional measures to provide liquidity and boost consumption, after it injected a total of 1.7 trillion yuan ($242.74 billion) on Monday and Tuesday, said Seo Sang-young, an analyst at Kiwoom Securities. ** China’s central bank said on Tuesday its huge liquidity injections through open market operations this week showed its determination to stabilise financial market expectations and restore market confidence. ** Based on views that the impact of the coronavirus would peak around next week, investors hunted for battered stocks, particularly those of chipmakers, Seo added. ** Shares of major chipmakers, Samsung Electronics and SK Hynix, closed up 3% and 2.5%, respectively. ** Foreigners were net buyers of 486.7 billion won ($410.06 million) worth of shares on the main board. ** The won was quoted at 1,187.4 per dollar on the onshore settlement platform, 0.64% higher than its previous close at 1,195.0. ** In offshore trading, the won was quoted at 1,186.7 per U.S. dollar, up 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,186.1 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.56%, after U.S. stocks jumped overnight . Japanese stocks rose 0.49%. ** The KOSPI has fallen 1.81% so far this year, and lost 2.3% in the previous 30 trading sessions. ** The trading volume during the session in the KOSPI index was 616.27 million shares and, of the total traded issues of 906, the number of advancing shares was 668. ** The won has lost 2.6% against the dollar so far this year. ** In money and debt markets, March futures for three-year treasury bonds fell 0.16 point to 110.66, while the 3-month Certificate of Deposit rate was quoted at 1.42% in late afternoon trade. ** The most liquid 3-year Korean treasury bond yield rose by 3.8 basis points to 1.329% in late afternoon trade, while the benchmark 10-year yield rose by 8.0 basis points to 1.626%.

$1 = 6.9979 Chinese yuan renminbi $1 = 1,186.8900 won Reporting by Hayoung Choi; Editing by Shounak Dasgupta

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below