Thursday, August 4 2022
  • Fall of KOSPI, net foreign sellers
  • The Korean won weakens against the US dollar
  • South Korea benchmark bond yield rises

SEOUL, March 14 (Reuters) – Overview of South Korean financial markets:

** South Korean stocks fell on Monday, extending a decline from the previous week, as fighting between Russia and Ukraine continued, while a widely expected interest rate hike in the United States continued. States also dampened risk appetite. The Korean won weakened, while benchmark bond yields rose.

** As of 0157 GMT, the benchmark KOSPI (.KS11) fell 17.48 points, or 0.69%, to 2,642.94, after falling 0.71% on Friday.

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**Among the heavyweights, battery maker LG Energy Solution (373220.KS) fell 6.65%, while chipmaker SK Hynix (000660.KS) and platform company Naver (035420.KS ) fell 0.85% and 0.46%, respectively.

**Fighting between Russia and Ukraine continued to rage, with a barrage of Russian missiles hitting a large Ukrainian base near the border with NATO member Poland. Read more

** The US undersecretary of state said on Sunday that Russia was showing signs that it might be willing to have substantive negotiations on Ukraine.

** The Federal Open Market Committee meets this week and is almost certain to start raising interest rates from their pandemic lows. The Bank of Japan and the Bank of England are also meeting this week.

** At home, the South Korean presidential office believes North Korea could test an intercontinental ballistic missile (ICBM) as early as Monday, local media reported, citing an unnamed source. Read more

** Foreigners were net sellers of 345.8 billion won ($279.29 million) of shares on the main board.

** The won was quoted at 1,238.1 to the dollar on the onshore settlement platform, down 0.50% from its previous close.

** In offshore trading, the won was quoted at 1,238.2 to the dollar, down 0.1% from the previous day, while in non-deliverable futures trading, its one-month contract was quoted at 1,238.4.

** In money and debt markets, March three-year Treasury bill futures fell 0.07 points to 108.08.

** The benchmark 10-year yield rose 4.1 basis points to 2.741%.

($1 = 1,238.1400 won)

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Reporting by Joori Roh; Editing by Subhranshu Sahu

Our standards: The Thomson Reuters Trust Principles.

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