August 28, 2019 / 2:13 AM / 2 months ago

S.Korea stocks rise on bargain-hunting after weightage changes in MSCI

    * KOSPI index rises, foreigners net buyers
    * Korean won weakens versus dollar
    * South Korea benchmark bond yield rises

    SEOUL, Aug 28 (Reuters) - Round-up of South Korean financial
markets:
    
** South Korean shares climbed on Wednesday, as investors hunted
for bargains on views that shares have been oversold in the wake
of weightage changes in MSCI index. The Korean won weakened,
while the benchmark bond yield rose.
    
** As of 0204 GMT, the Seoul stock market's main KOSPI        
rose 10.88 points, or 0.57%, to 1,935.48.     
    
** South Korean shares have witnessed significant selling ahead
of the rebalancing of MSCI but some investors are buying stocks
that are undervalued, said Noh Dong-kil, an analyst at NH
Investment & Securities. 
    
** The MSCI weightage changes took effect based on Tuesday's
closing prices and this had made some investors cautious about
possibly big sales.     
        
** Foreigners were net buyers of 8.7 billion won ($7.17 million)
worth of shares on the main board on early Wednesday.
       
** Shares of Hyundai Motor             rose as much as 4% after
the automaker reached a tentative wage deal with its labour
union. Shares of Hyundai Mobis             also gained 3%.
            
        
** The won was quoted at 1,212.3 per dollar on the onshore
settlement platform           , 0.09% lower than its previous
close at 1,211.2.
     
** In offshore trading, the won        was quoted at 1,212.8 per
U.S. dollar, down 0.1% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,211.1 per dollar.
     
** MSCI's broadest index of Asia-Pacific shares outside Japan
                was up 0.16%, after the U.S. yield curve
inversion sent Wall Street stocks lower            . Japanese
stocks         rose 0.11%.
     
** The KOSPI has fallen 5.17% so far this year, and lost 7.6% 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 in the KOSPI index
        was 118.45 million shares and, of the total traded
issues of 888, the number of advancing shares was 511.
     
** The won has lost 8.0% 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 111.16, while the
3-month Certificate of Deposit rate was quoted at 1.49%.
     
** The most liquid 3-year Korean treasury bond yield rose by 1.4
basis points to 1.184%, while the benchmark 10-year yield rose
by 1.5 basis points to 1.250%.

($1 = 1,212.6600 won)    

 (Reporting by Hayoung Choi; Editing by Rashmi Aich)
  
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