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)

Source: Read Full Article