July 11, 2019 / 2:27 AM / a month ago

S.Korea stocks jump after Fed chief bolsters rate cut bets; won gains

    * KOSPI index adds 1.2%, foreigners net buyers
    * Korean won gains versus U.S. dollar
    * South Korea benchmark bond yield drops

    SEOUL, July 11 (Reuters) - Round-up of South Korean
financial markets:
** South Korean shares soared more than 1% on Thursday, after
U.S. Federal Reserve Chair Jerome Powell reinforced prospects of
a rate cut later this month, while major local chipmakers
extended rallies over rising bets on production cut. The won
strengthened, while the benchmark bond yield fell.
** Powell confirmed that the U.S. economy was still under threat
from disappointing factory activity, tame inflation and a
simmering trade war, saying the central bank stands ready to
"act as appropriate."             
** Shares of Samsung Electronics             and SK Hynix
            extended gains on Thursday, by adding 2% and 2.9%,
respectively, as investors bet on production cuts due to curbs
on the export of key materials from Japan.             
** A case was already built for South Korean chipmakers to
reduce production of NAND memory chips, which have now swung to
a deficit, while Japan's export curbs provided a reason to cut
DRAM chips productions, said Lee Jae-yun, an analyst at Yuanta
Securities Korea. 

** As of 0220 GMT, the Seoul KOSPI stock index         rose
24.26 points, or 1.18%, to 2,083.04. 
** South Korea's ruling party said it would include up to 300
billion won ($254.79 million) in an extra budget to cope with
Japan's export curbs.             
** Foreigners were net buyers of 65.1 billion won ($55.29
million) worth of shares on the main board. 
** The won was quoted at 1,176.6 per dollar on the onshore
settlement platform           , 0.42% higher than its previous
close at 1,181.6.
** In offshore trading, the won        was quoted at 1,176.6 per
U.S. dollar, down 0.1% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,175.4 per dollar.
** MSCI's broadest index of Asia-Pacific shares outside Japan
                was up 0.58%, after U.S. stocks touched new
highs            . Japanese stocks         rose 0.13%.
** The KOSPI has risen 1.81% so far this year, and gained 0.5%
in the previous 30 trading sessions.
** The current price-to-earnings ratio is 12.10, the dividend
yield is 1.28% and the market capitalisation is 1,242.04
trillion won.
** The trading volume during the session on the KOSPI index
        was 137.48 million shares and, of the total traded
issues of 891, the number of advancing shares was 547.
** The won has lost 5.2% against the U.S dollar so far this
** In money and debt markets, September futures on three-year
treasury bonds         rose 0.11 points to 110.58, while the
3-month Certificate of Deposit rate was quoted at 1.78%.
** The most liquid 3-year Korean treasury bond yield fell by 3.2
basis points to 1.405%, while the benchmark 10-year yield fell
by 3.6 basis points to 1.525%.    

($1 = 1,177.4200 won)

 (Reporting by Hayoung Choi and Yuna Park; Editing by Rashmi
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