June 5, 2020 / 3:06 AM / a month ago

S.Korean shares set for third weekly gain on economic recovery momentum

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

    SEOUL, June 5 (Reuters) - Round-up of South Korean financial
markets: 
    
    ** South Korean shares are set to mark the longest stretch
of daily gains in six months as risk sentiment remained strong
on signs of swift economic recovery and fresh stimulus support.
The Korean won and the benchmark bond yield strengthened.
    
    ** Seoul stock market's main KOSPI         was up 10.06
points, or 0.47%, at 2,161.24, as of 0205 GMT. The index is
poised for a sixth session of gains, and rose 6.49% so far this
week, set for its third straight weekly gain. 
    
    ** Lifting investor sentiment were reports that the number
of Americans filing for unemployment benefits dropped below 2
million last week for the first time since mid-March, while the
European Central Bank approved a bigger-than-expected expansion
of its stimulus package to prop up an economy plunged by the
coronavirus into its worst recession since World War Two.
                         
    
    ** Stock prices tumbled in early session, but bounced back
with institutional investors increasing their equity purchases,
said Lee Kyoung-min, an analyst at Daeshin Securities. 
    
    ** South Korea's flag carrier Korean Air Lines            
rose as much as 18% to their highest since early February along
with stocks of other airlines on news of some international
routes restarting as countries prepare to ease pandemic-related
travel restrictions.             
    
    ** Foreigners were net sellers of 125.1 billion won ($102.86
million) worth of shares on the main board. 
    
    ** The won was quoted 0.17% higher at 1,216.6 per dollar on
the onshore settlement platform           .
    
    ** In offshore trading, the won        was quoted flat at
1,216.2 per dollar, while in non-deliverable forward trading its
one-month contract               was quoted at 1,215.9. 
    
    ** In money and debt markets, June futures on three-year
treasury bonds         rose 0.02 point to 111.95.
    
    ** The most liquid 3-year Korean treasury bond yield fell by
0.9 basis point to 0.877%, while the benchmark 10-year yield
rose 1.0 basis point to 1.442%.

    ($1 = 1,216.2000 won)

 (Reporting by Jihoon Lee, Editing by Sherry Jacob-Phillips)
  
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