S.Korea stocks fall over 1% as U.S. yields rise; Powell speech in focus
* KOSPI falls, foreigners net sellers
* Korean won weakens against U.S. dollar
* South Korea benchmark bond yield rises
* For the midday report, please click
SEOUL, March 4 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares fell more than 1% on Thursday, after Wall Street retreated overnight on tech sell-off and weak jobs data, and as worries about rising U.S. bond yields hit global equities. The won weakened, while the benchmark bond yield rose.
** Investors are now awaiting U.S. Federal Reserve Chairman Jerome Powell’s speech at a Wall Street Journal conference, where he may address concerns about the risk of a rapid rise in long-term borrowing costs.
** The KOSPI closed down 37.68 points, or 1.22%, at 3,045.31, after declining nearly 2% in early trade.
** Chip giants Samsung Electronics and SK Hynix fell 1.9% and 3.4% respectively, leading declines in the benchmark index, while internet giant Naver and battery maker LG Chem slipped 2% and 0.6%, respectively.
** Foreigners were net sellers of 927.8 billion won ($824.53 million) worth of shares on the main board.
** U.S. shares had fallen overnight as investors sold off high-flying technology shares, while U.S. private payrolls increased less than expected in February, suggesting the labour market was struggling to regain speed.
** Back home, consumer inflation accelerated to a 13-month high in February, data showed, driven by improving domestic demand and rising global oil prices.
** Meanwhile, the economy expanded by a seasonally adjusted 1.2% in the final quarter of 2020, revised central bank data showed.
** The won ended at 1,125.1 per dollar on the onshore settlement platform, 0.43% lower than its previous close at 1,120.3.
** In offshore trading, the won was quoted at 1,124.8, while in non-deliverable forward trading its one-month contract was quoted at 1,124.6.
** The most liquid 3-year Korean treasury bond yield rose by 1.0 basis point to 1.028%, while the benchmark 10-year yield rose by 1.8 basis points to 1.970%.
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