June 10, 2020 / 2:57 AM / 2 months ago

S.Korean shares rise on economic recovery hopes; U.S. Fed meeting in focus

    * KOSPI rises, foreigners net sellers
    * Korean won strengthens versus U.S. dollar
    * South Korea benchmark bond yield rises

    SEOUL, June 10 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares rose on Wednesday as optimism around
a quick economic recovery from the coronavirus lockdown offset
concerns over a sharp rise in the country's unemployment rate,
while focus remained on the U.S. Federal Reserve's meeting
outcome. The Korean won strengthened, and the benchmark bond
yield rose.
    ** The Seoul stock market's main KOSPI         rose 10.03
points, or 0.46%, to 2,198.95 as of 0206 GMT. 
    ** South Korea's unemployment rate surged to the highest
level in more than 10 years in May as businesses slashed hiring
due to the coronavirus pandemic.             
    ** Shares of LG Chem Ltd             rose as much as 2.2% on
Wednesday as the company said it has signed a conditional
contract with China's Ningbo Shanshan Co Ltd             to sell
most of its liquid crystal display (LCD) polarizer business for
$1.1 billion.
    ** Investors are eyeing the U.S. central bank's meeting for
its remarks on the economic outlook and clues on future
measures. U.S. Federal Reserve policymakers on Wednesday will
publish their first economic projections since the pandemic set
off a recession in February.             
    ** Foreigners were net sellers of 10.7 billion won ($8.95
million) worth of shares on the main board. 
    ** The won was quoted 0.03% higher at 1,197.3 per dollar on
the onshore settlement platform           .
    ** In offshore trading, the won        was quoted up 0.2% at
1,195.8 per dollar, while in non-deliverable forward trading its
one-month contract               was quoted at 1,195.6. 
    ** In money and debt markets, June futures on three-year
treasury bonds         fell 0.02 point to 112.06.
    ** The most liquid 3-year Korean treasury bond yield rose by
0.8 basis point to 0.848%, while the benchmark 10-year yield
rose by 3.0 basis points to 1.405%.

($1 = 1,195.9600 won)

 (Reporting by Jihoon Lee; Editing by Rashmi Aich)
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