South Korea: Stocks edge up, won muted

[SEOUL] South Korea's KOSPI stock index rose on Friday. The Korean won slightly eased in the local platform and bond yields fell.

At 01.13 GMT, the Kospi was up 1.49 points or 0.06 per cent at 2,477.86. The benchmark index touched a six-week low on Thursday.

The won was quoted at 1,088.6 per dollar on the onshore settlement platform , 0.04 per cent weaker than its previous close at 1,088.2.

In offshore trading, the won was quoted at 1,088.1 per US dollar, down 0.09 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,083.7 per dollar.

Data showing moderating export growth and the lowest inflation rate in 11 months reinforced views that the Bank of Korea's new monetary tightening cycle will be gradual. It raised rates for the first time in six years on Thursday.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.10 per cent, after US stocks ended the previous session with mild gains . Japanese stocks weakened 0.07 per cent.

The Kospi is up around 22.2 per cent so far this year, and down by 0.13 per cent in the previous 30 days.

The current price-to-earnings ratio is 12.10, the dividend yield is 1.28 per cent and the market capitalisation is 1,242.04 trillion won.

The trading volume during the session on the Kospi index was 94,521,000 shares, and of the total traded issues of 868, the number of advancing shares was 300.

Foreigners were net sellers of 104,440 million won worth of shares.

The US dollar has fallen 9.8 per cent against the won this year. The won's high for the year is 1,075.71 per dollar on November 29 2017 and low is 1,211.8 on January 3 2017.

In money and debt markets, December futures on three-year treasury bonds rose 0.01 points to 108.27.

The Korean 3-month Certificate of Deposit benchmark rate was quoted at 1.64 per cent compared with a previous close of 1.51 per cent, while the benchmark 3-year Korean treasury bond yielded 2.074 per cent, lower than the previous day's 2.08 per cent.

REUTERS