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Seoul: Stocks extend fall; won weakens against dollar

Trading house Mitsubishi Corp said on Tuesday it was considering raising its stake in Mitsubishi Motors via a tender offer, a deal that the Nikkei newspaper reported could be worth about US$1.1 billion.

[SEOUL] South Korea's KOSPI stock index marked further losses later on Tuesday. The Korean won edged down versus greenback in the local platform while bond yields rose.

At 0630 GMT, the KOSPI was down 27.70 points or 1.13 per cent at 2,415.12. Domestic institutions sold a net 296.1 billion won, unloading major tech shares like Samsung Electronics, which was reported to have slashed its OLED panel production.

The won was quoted at 1,073.5 per US dollar on the onshore settlement platform, 0.55 per cent weaker than its previous close at 1,067.6. In offshore trading, the won was quoted at 1,072.55 per US dollar, down 0.56 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,062.05 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.20 per cent, after US stocks ended the previous session with mild gains. Japanese stocks weakened 1.01 per cent.

The KOSPI is down around 1.0 per cent so far this year, and down by 0.96 per cent in the previous 30 days.

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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 416,872,000 shares, and of the total traded issues of 884, the number of advancing shares was 318.

Foreigners were net buyers of 29,830 million won worth of shares.

The US dollar has risen 0.58 per cent against the won this year. The won's high for the year is 1,056.67 per dollar on Jan 14 and low is 1,098.4 on Feb 6.

In money and debt markets, March futures on three-year treasury bonds fell 0.01 points to 107.53. 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 2.313 per cent, higher than the previous day's 2.30 per cent.


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