SEOUL: Round-up of South Korean financial markets:
South Korean shares were trading almost flat on Tuesday after five straight sessions of gains, while investors saw scope for further rate cuts by the Federal Reserve and China unveiled stimulus measures. The won was little changed, while the benchmark bond yield fell.
The benchmark KOSPI fell 2.46 points, or 0.09%, to 2,599.55 by 02:07 GMT.
Among index heavyweights, chipmaker Samsung Electronics fell 0.16% and peer SK Hynix lost 1.30%, while battery maker LG Energy Solution climbed 2.77%.
Hyundai Motor added 0.20% and sister automaker Kia Corp lost 0.29%, while search engine Naver and instant messenger Kakao were down
0.96% and down 0.70%, respectively.
China’s central bank will cut banks’ reserve requirement ratio by 50 basis points and further reduce key interest rates to support a recovery in prices, its governor Pan Gongsheng said.
South Korean stocks close higher with key US inflation data in focus
U.S. Federal Reserve policymakers said on Monday their large half-point rate cut last week was meant to try to sustain what they see as an emerging and healthy balance in the economy, with inflation headed towards the Fed’s target rate and unemployment near the level consistent with stable prices.
Of the total 934 traded issues, 426 shares advanced, while 423 declined.
The won was quoted at 1,334.4 per dollar on the onshore settlement platform, 0.03% higher than its previous close at 1,334.8.
The KOSPI has fallen 2.12% so far this year, and gained 3.2% in the previous 30 trading sessions.
The won has lost 3.5% against the dollar this year.
In money and debt markets, December futures on three-year treasury bonds rose 0.07 point to 106.30.
The most liquid three-year Korean treasury bond yield fell by 2.6 basis points to 2.838%, while the benchmark 10-year yield fell by 1.3 basis points to 3.001%.
Source: Brecorder
