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Seoul: Stocks extend losses to end lower; won muted
[SEOUL] South Korea's KOSPI stock index extended falls to end lower on Thursday as foreign investors increased their net selling amount of local equities. US Federal Reserve's signal for more rate hikes weighed on sentiment. The South Korean won remained almost unchanged, while bond yields rose.
At 0630 GMT, the KOSPI was down 18.36 points or 0.73 per cent at 2,487.25. The won was quoted at 1,076.3 per dollar on the onshore settlement platform, 0.02 per cent weaker than its previous close at 1,076.1. In offshore trading, the won was quoted at 1,075.24 per U.S. dollar, up 0.33 per cent from the previous day, while in one-year non-deliverable forwards it was being asked at 1,059.85 per dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.56 per cent, after U.S. stocks ended the previous session with mild losses.
The KOSPI climbed around 1.5 per cent so far this year, and rose 0.81 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 595,878,000 shares, and of the total traded issues of 875, the number of advancing shares was 298.
Foreigners were net sellers of 281,142 million won worth of shares. The US dollar has risen 0.83 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 1,098.4 on Feb 6 this year. In money and debt markets, June futures on three-year treasury bonds fell 0.01 points to 107.66.
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 2.241 per cent, higher than the previous day's 2.24 per cent.