KOSPI falls, foreigners net buyers
Korean won strengthens against dollar
South Korea benchmark bond yield falls
SEOUL, – Round-up of South Korean financial markets:
** The South Korean won rebounded sharply from eight-month lows on Wednesday, as the country’s pension fund stepped in with currency hedging operations.
** The won was quoted at 1,449.8 per dollar on the onshore settlement platform, 2.15% higher than its previous close at 1,481.0. It was set to post the biggest daily jump since April 11.
** The currency touched the strongest level since November 14 at 1,449.3, sharply reversing its course from a session low of 1,484.9, the weakest since April 9.
** South Korea’s national pension fund has initiated a new round of strategic foreign exchange hedging operations, two sources familiar with the matter told Reuters.
** The move came along with warnings and policy measures from foreign exchange authorities striving to stabilise the currency market.
** “However, the stock market erased early gains on unwinding of long KOSPI, short won positions,” said Lee Kyoung-min, an analyst at Daishin Securities.
** The benchmark KOSPI closed down 8.70 points, or 0.21%, at 4,108.62, erasing early gains of 0.48%.
** Among index heavyweights, chipmaker Samsung Electronics fell 0.36%, while peer SK Hynix gained 0.68%. Battery maker LG Energy Solution climbed 0.64%.
** Hyundai Motor and sister automaker Kia Corp were up 0.70% and 0.67%, respectively. Steelmaker POSCO Holdings added 3.29%, while drugmaker Samsung BioLogics fell 1.69%.
** Of the total 928 traded issues, 380 shares advanced, while 483 declined.
** Foreigners were net buyers of shares worth 520.1 billion won .
** In money and debt markets, March futures on three-year treasury bonds gained 0.09 point to 105.49.
** The most liquid three-year Korean treasury bond yield fell 3.4 basis points to 2.934%, while the benchmark 10-year yield fell 3.9 basis points to 3.342%.
This article was generated from an automated news agency feed without modifications to text.
