Seoul: Stocks rise as China shares rebound; won edges lower
[SEOUL] South Korea's KOSPI stock index erased early falls to close higher on Friday as Chinese shares rebounded, while the won inched down on escalating trade war worries. South Korea's bond yields were down. At 0633 GMT, the KOSPI was up 6.90 points, or 0.30 per cent, at 2,289.19, snapping a four-session losing streak. For the week, the benchmark index fell 0.9 per cent, its fifth weekly drop in six.
Carmakers climbed after the European Union's trade commissioner said on Thursday the bloc is preparing a list of US imports to hit if the United States imposes tariffs on EU cars. Hyundai Motor rose 2.4 per cent, while affiliates Hyundai Mobis and Hyundai Glovis gained 2.3 per cent and 2.7 per cent, respectively.
The won was quoted at 1,133.7 per dollar on the onshore settlement platform, 0.04 per cent weaker than its previous close at 1,133.2. The currency fell 0.9 per cent on a weekly basis, marking the biggest weekly drop since June 22. In offshore trading, the won was quoted at 1,133.6 per US dollar, up 0.07 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,117.75 per dollar. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.54 per cent, after US stocks ended the previous session with losses. Japanese stocks weakened 0.29 per cent.
The KOSPI is down around 7.5 per cent so far this year, and down by 6.99 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 346,880,000 shares and, of the total traded issues of 892, the number of advancing shares was 350. Foreigners were net sellers of 121,565 million won worth of shares.
The US dollar has risen 6.3 per cent against the won this year. The won's high for the year is 1,053.55 per dollar on April 2, 2018 and low is 1,140.4 on July 19, 2018. In money and debt markets, September futures on three-year treasury bonds rose 0.06 points to 108.21. The Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, while the benchmark three-year Korean treasury bond yielded 2.08 per cent, lower than the previous day's 2.09 per cent.
REUTERS
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