China

S.Korean stocks post weekly decline as Evergrande debt woes continue

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An Evergrande sign is seen at the sales office for an under-construction luxury residential compound developed by China Evergrande Group in Beijing, China September 22, 2021. REUTERS/Carlos Garcia Rawlins

  • KOSPI falls, foreigners net buyers
  • Korean won weakens against U.S. dollar
  • South Korea benchmark bond yield rises
  • For the midday report, please click [USN:L4N2QQ0IE]

SEOUL, Sept 24 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares fell on Friday as fears lingered over property developer China Evergrande's debt burden after some offshore bondholders of the firm were reportedly not paid interest payments. The Korean won weakened, while the benchmark bond yield rose.

** The benchmark KOSPI (.KS11) was down 2.34 points, or 0.07%, at 3,125.24 as of 0630 GMT. For the week, the index declined 0.49%.

** Among the heavyweights, technology giant Samsung Electronics (005930.KS) fell 0.13% and peer SK Hynix (000660.KS) slipped 1.42%, while LG Chem (051910.KS) rose 0.13% and Naver (035420.KS) climbed 1.38%.

** Some of China Evergrande Group's (3333.HK) offshore bondholders had not received interest payment by a Thursday deadline U.S. time, two people familiar with the matter said, as worries about the fate of the property developer mount. read more

** The market is still full of uncertainties and many remain in a wait-and-see mode, said Lee Kyoung-min, an analyst at Daishin Securities.

** Foreigners were net buyers of 77.3 billion won worth of shares on the main board.

** The won was quoted at 1,176.5 per dollar on the onshore settlement platform , 0.08% lower than its previous close at 1,175.5.

** In offshore trading, the won was quoted at 1,177.2 per dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,177.7.

** The KOSPI has risen 8.76% so far this year, but lost 4.4% in the previous 30 trading sessions.

** The trading volume during the session in the KOSPI index (.KS11) was 737.66 million shares. Of the total traded issues of 926, the number of advancing shares was 370.

** The won has lost 7.7% against the dollar so far this year.

** The most liquid 3-year Korean treasury bond yield rose by 1.8 basis points to 1.574%, while the benchmark 10-year yield rose by 5.2 basis points to 2.151%.

Reporting by Cynthia Kim; Additional reporting by Jihoon Lee; Editing by Jan Harvey

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