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Seoul: Stocks extend falls as China market tumbles; won sags

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[SEOUL] South Korea's Kospi stock index fell on Monday, extending losses into a sixth session, as China stocks tumbled in their first session of trading after a week-long holiday. The won weakened for a fifth consecutive session, while bond yields rose.

At 0630 GMT, the Kospi closed down 13.69 points, or 0.60 per cent, at 2,253.83. Shares of Lotte Group companies Lotte Corp and Lotte Chemical rose 2.7 per cent and 3.1 per cent respectively, after group chairman Shin Dong-bin was released from jail on Friday. He is expected to expedite group reconstruction.

LG Electronics fell 3.8 per cent to its lowest in 14 months after the company's operating profit estimate for the third quarter came in slightly below analysts' expectations.

The won was quoted at 1,132.7 per dollar on the onshore settlement platform, 0.2 per cent weaker than its previous close at 1,130.4. In offshore trading, the won was quoted at 1,132.82 per U.S. dollar, down 0.15 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,115.9 per dollar. 

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MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.95 per cent, after US stocks ended the previous session with mild losses. Japanese markets were closed for the national holiday.

The Kospi is down around 8.1 per cent so far this year, and down by 0.87 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 209,978,000 shares and, of the total traded issues of 896, the number of advancing shares was 249.

Foreigners were net sellers of 183,222 million won worth of shares. The US dollar has risen 6.23 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, December futures on three-year treasury bonds fell 0.02 points to 108.1. 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 2.094 per cent, higher than the previous day's 2.09 per cent. 

REUTERS