July 10, 2019 / 2:43 AM / 7 days ago

S.Korea stocks rise as chip shares shine; focus on Powell testimony

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

    Seoul, July 10 (Reuters) - Round-up of South Korean
financial markets:
    
** South Korean shares rose on Wednesday boosted by gains in
Samsung Electronics Co Ltd             and SK Hynix            ,
while investors awaited Federal Reserve Chair Jerome Powell's
testimony. Both Korean won weakened and benchmark bond yield
rose.
 
** As of 0232 GMT, the Seoul benchmark KOSPI index         rose
8.15 points, or 0.44%, to 2,060.18. 
    
** Shares of Samsung Electronics and SK Hynix rose more than 2%
and 3%, respectively, after a local media report said these
companies planned to cut down production of NAND chips amid a
supply glut. The companies' decision was affected by Japan
tightening restrictions on exports of key materials for making
chips, forcing them to restrict supplies, the report added. 
    
** Both the companies denied the report to Reuters. 
    
** The local report increased expectations that the
semiconductor market would rebound soon with decrease in chip
stocks, says Eo Kyu-jin, an analyst at eBest Investment and
Securities. 
    
** Japan pushed back on Tuesday against calls from South Korea
to scrap curbs on some high-tech exports, ratcheting up tension
in a decades-old diplomatic dispute that threatens to disrupt
the global supply of memory chips and smartphones.             
    
** Federal Reserve Chair Jerome Powell testifies before the U.S.
Congress on Wednesday and Thursday and investors have a lot
riding on him sounding suitably dovish.               
    
** Foreigners were net buyers of 72.7 billion won ($61.53
million) worth of shares on the main board. 
    
** The won was quoted at 1,179.9 per dollar on the onshore
settlement platform           , 0.05% higher than its previous
close at 1,180.5.
 
** In offshore trading, the won        was quoted at 1,179.9 per
U.S. dollar, up 0.2% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,179.3 per dollar.
    
** MSCI's broadest index of Asia-Pacific shares outside Japan
                was up 0.44%, after U.S. stocks rose
           . Japanese stocks         was flat.
    
** The KOSPI has risen 0.93% so far this year, and gained 0.4%
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 133.52 million shares and, of the total traded
issues of 894, the number of advancing shares was 473.
    
** The won has lost 5.4% against the U.S dollar so far this
year.
    
** In money and debt markets, September futures on three-year
treasury bonds         fell 0.02 points to 110.52, while the
3-month Certificate of Deposit rate was quoted at 1.78%.
    
** The most liquid 3-year Korean treasury bond yield rose by 0.9
basis points to 1.432%, while the benchmark 10-year yield rose
by 1.4 basis points to 1.551%.


($1 = 1,181.5200 won)

 (Reporting by Yuna Park; Editing by Rashmi Aich)
  
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