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Seoul: Stocks gain on stimulus hopes; Sino-US tensions persist

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[SEOUL] South Korean shares rose on Monday, with Samsung Electronics leading gains, on hopes of a coronavirus relief package in the US, although tensions between the US and China weighed on sentiment. Both the won and the benchmark bond yield rose.

The benchmark Kospi closed up 17.42 points, or 0.79 per cent, at 2,217.86.

Top aides to US President Donald Trump said on Sunday they agreed in principle with Senate Republicans on a US$1 trillion coronavirus relief package — the party's opening offer in negotiations with Democrats.

Tensions between the world's two biggest economies escalated following the closures of consulates in Houston and Chengdu.

Chip giant Samsung Electronics gained as much as 2.8 per cent.

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Foreigners were net buyers of 155.5 billion won (S$179.4 million) worth of shares on the main board.

The won was quoted at 1,196.1 per US dollar on the onshore settlement platform, 0.45 per cent higher than its previous close at 1,201.5.

In offshore trading, the won was quoted at 1,196.1 per dollar, up 0.4 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,195.9.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.78 per cent.

The trading volume during the session in the Kospi index was 917.94 million shares. Of the total traded issues of 901, the number of advancing shares was 557.

In money and debt markets, September futures on three-year treasury bonds fell 0.01 point to 112.21, while the 3-month Certificate of Deposit rate was quoted at 0.78 per cent in late afternoon trade.

The most liquid three-year Korean treasury bond yield rose by 0.5 basis point to 0.804 per cent, while the benchmark 10-year yield rose by 0.1 basis point to 1.306 per cent.

REUTERS

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