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Seoul: Stocks end down 1.3%; won at 8-week low

[SEOUL] South Korea's KOSPI stock index pared early losses but still fell over 1 per cent on Monday as huge losses on Wall Street hurt global investment sentiment. The Korean won weakened to eight-week low, while bond yields rose.

At 0630 GMT, the KOSPI was down 33.64 points or 1.33 per cent at 2,491.75. It had lost nearly 2 per cent at one point.

Tech giant Samsung Electronics, which lost over 3 per cent earlier, ended 1 per cent up as a South Korean appeals court suspended a jail sentence for the group's heir, Jay Lee.

The won was quoted at 1,088.5 per dollar on the onshore settlement platform, 0.81 per cent weaker than its previous close at 1,079.7.

In offshore trading, the won was quoted at 1,087.79 per US dollar, up 0.15 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,077.6 per dollar.

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MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.31 per cent, after US stocks ended the previous session with losses. Japanese stocks weakened 2.55 per cent.

The KOSPI is up around 2.3 per cent so far this year, and up by 1.89 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 438,171,000 shares, and of the total traded issues of 881, the number of advancing shares was 116.

Foreigners were net sellers of 454,632 million won worth of shares. The US dollar has risen 2.01 per cent against the won this year. The won's high for the year is 1,056.67 per dollar on Jan 14, 2018 and low is 1,092.3 on Feb 5, 2018.

In money and debt markets, March futures on three-year treasury bonds fell 0.05 points to 107.52. The South Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, while the benchmark three-year Korean treasury bond yielded 2.276 per cent, higher than the previous day's 2.25 per cent.


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