S.Korean stocks rebound on foreign buying, recovery hopes
* KOSPI rises, foreigners net buyers
* Korean won inches up against U.S. dollar
* South Korea benchmark bond yield rises
* For the midday report, please click
SEOUL, Aug 21 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares jumped over 1% on Friday, following a selloff in the previous session, on foreign buying after Wall Street’s overnight rally and as preliminary trade data boosted recovery hopes for the Asia’s fourth-largest economy.
** The Korean won edged up, and the benchmark bond yield rose.
** The benchmark KOSPI closed up 30.37 points, or 1.34%, at 2,304.59. The index rose as high as 2.4% but some of the gains were trimmed in late afternoon session.
** For the week, it tumbled 4.3%, marking the sharpest fall since late March.
** South Korean exports contracted by a smaller percentage of 7% in the first 20 days of August than in July, boosting hopes for a trade-led recovery.
** Market volatility has risen as U.S. political uncertainty and surging domestic coronavirus infections weighed, said Seo Sang-young, analyst at Kiwoom Securities.
** Foreigners were net buyers of 196.5 billion won ($165.65 million) worth of shares on the main board.
** The won ended trading at 1,186.3 per dollar on the onshore settlement platform, 0.05% higher than its previous close at 1,186.9. The currency slid 0.1% on a weekly basis, snapping a four-week winning streak.
** In offshore trading, the won was quoted at 1,186.2 per dollar, down 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,186.1.
** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.74%.
** In money and debt markets, September futures on three-year treasury bonds fell 0.13 points to 112.07.
** The most liquid 3-year Korean treasury bond yield rose by 3.7 basis points to 0.849%, while the benchmark 10-year yield rose by 3.4 basis points to 1.413%.
($1 = 1,186.2500 won)
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