S.Korean stocks rise on trade truce expectations; chipmakers lead

Woongjin Co

27/06/2019 08:11

* KOSPI index rises, foreigners net buyers
    * Korean won weakens versus U.S. dollar
    * South Korea benchmark bond yield rises
    * For the midday report, please click  urn:newsml:reuters.com:*:nL4N23X4W9

    SEOUL, June 27 (Reuters) - Round-up of South Korean
financial markets:
    
** South Korea's KOSPI stock index  .KS11  closed higher on
Thursday on expectations of a U.S.-China trade truce, while
chipmakers extended their rally after Micron Technology  MU.O 
saw a recovery in demand. The Korean won weakened, while the
benchmark bond yield rose.
  
** The United States and China have agreed to a tentative truce
in their trade dispute ahead of a meeting between leaders of the
two nations at the G20 summit this weekend, the South China
Morning Post reported.  urn:newsml:reuters.com:*:nL4N23Y10R
      
** U.S. President Donald Trump is set to meet with Chinese
President Xi Jinping in Osaka at 11:30 a.m. (0230 GMT) on
Saturday, a White House spokesman said on Wednesday. The
bilateral meeting in Japan aims at heading off a ratcheting up
of U.S. tariffs on imports of consumer and other goods from
China.
    
** Trump said a trade deal with Chinese President Xi was
possible this weekend but he is prepared to impose U.S. tariffs
on virtually all remaining Chinese imports if the two countries
continue to disagree.  urn:newsml:reuters.com:*:nL2N23X0EY
    
** The Seoul stock market's main KOSPI index closed up 12.49
points or 0.59% at 2,134.34.
    
** In addition to expectations of a truce, chip shares extended
their gains on Micron's move to cut its output, said Kim Ye-eun,
an analyst at IBK Securities. Amid the persisting caution on the
G20 summit, Trump's remarks provided positive impact, Kim added.
    
** Shares of Samsung Electronics  005930.KS  and SK Hynix
 000660.KS  extended their gains after Micron saw a recovery in
demand and said it would reduce its output by 10% to prop up
chip prices.  urn:newsml:reuters.com:*:nL4N23X02Q
    
** South Korea's Woongjin Group said it would sell a 25.08%
stake in water purifier rental firm Woongjin Coway  021240.KS ,
just three months after the group regained control of the unit
for 1.89 billion won ($1.6 million). Woongjin  016880.KS  shares
closed down 15%, while Woongjin Thinkbig  095720.KS  gains 5.8%.
 urn:newsml:reuters.com:*:nL4N23Y01I
    
** Foreigners were net buyers of 155.8 billion won ($134.62
million) worth of shares on the main board. 
    
** The won was quoted at 1,158.1 per dollar on the onshore
settlement platform  KRW=KFTC , 0.13% lower than its previous
close at 1,156.6.
     
** In offshore trading, the won  KRW=  was quoted at 1,157.5 per
dollar, down 0.3% from the previous day, while in
non-deliverable forward trading its one-month contract
 KRW1MNDFOR=  was quoted at 1,156.1 per dollar.
    
** MSCI's broadest index of Asia-Pacific shares outside Japan
 .MIAPJ0000PUS  was up 0.76%, after U.S. stocks were mixed
 MKTS/GLOB . Japanese stocks  .N225  rose 1.19%.
    
** The KOSPI has risen 4.57% so far this year, and gained 1.9%
in the previous 30 trading sessions.
    
** The current price-to-earnings ratio is 12.10, the dividend
yield is 1.28% and the market capitalisation is 1,242.04
trillion won.
    
** The trading volume during the session on the KOSPI index
 .KS11  was 636.96 million shares and, of the total traded
issues of 894, the number of advancing shares was 382.
    
** The won has lost 3.7% against the dollar so far this year.
    
** In money and debt markets, September futures on three-year
treasury bonds  KTBc1  fell 0.05 points to 110.33, while the
3-month Certificate of Deposit rate was quoted at 1.78%.
    
** The most liquid 3-year Korean treasury bond yield fell by 0.4
basis points to 1.494%, while the benchmark 10-year yield rose
by 0.8 basis points to 1.616%.

 ($1 = 1,157.3200 won)

 (Reporting by Hayoung Choi; editing by)
 ((hayoung.choi@thomsonreuters.com; +82 2 3704 5643; Reuters
Messaging: hayoung.choi.thomsonreuters.com@reuters.net))