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    KOSPI   KRD020020008

KOSPI COMPOSITE INDEX

(KOSPI)
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S.Korea stocks drop most in 2 months as domestic virus cases surge

08/18/2020 | 02:59am EDT

* KOSPI falls 2.5%, sharpest since June 15

* Foreigners bought net $60 million

* Korean won inches up against U.S. dollar

* South Korea benchmark bond yield falls

* For the midday report, please click

SEOUL, Aug 18 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares fell the most in two months on Tuesday as worries about a surge in domestic coronavirus cases eclipsed optimism from an overnight tech-fuelled rally on Wall Street. The Korean won edged up, while the benchmark bond yield fell.

** The benchmark KOSPI closed down 59.25 points, or 2.46%, at 2,348.24. That marked the sharpest decline since June 15.

** South Korea reported a three-digit increase in novel coronavirus cases for a fifth consecutive day, as authorities scrambled to trace hundreds of members of a church congregation, and the military locked down bases to counter the spread of the virus. The country reported a total 15,761 infections and 306 deaths.

** "The spike of COVID-19 cases during the holiday weekend dented the sentiment ... there are worries that the virus spread could worsen and would delay the economic recovery," said Lee Young-gon, an analyst at Hana Financial Investment.

** Local financial markets were closed on Monday for a holiday.

** Foreigners were net buyers of 71.0 billion won ($59.95 million) worth of shares on the main board.

** The won ended trading at 1,183.7 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,184.6.

** In offshore trading, the won was quoted at 1,185.0 per dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,184.2.

** MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.72%.

** In money and debt markets, September futures on three-year treasury bonds rose 0.07 points to 112.21, while the 3-month Certificate of Deposit rate was quoted at 0.65% in late afternoon trade.

** The most liquid 3-year Korean treasury bond yield fell by 0.9 basis points to 0.818%, while the benchmark 10-year yield fell by 3.8 basis points to 1.362%. ($1 = 1,184.3000 won) (Reporting by Joori Roh; Editing by Aditya Soni)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HANA FINANCIAL GROUP INC. -0.78% 44400 End-of-day quote.28.70%
KOSPI COMPOSITE INDEX 0.11% 3134.66 Real-time Quote.9.08%
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