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Seoul: Stocks, Korean won edge lower on euro's fall

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[SEOUL] South Korea's Kospi stock index and the won weakened on Friday on the back of the euro's weakness after the European Central Bank delivered a somewhat dovish message to markets.

Bond yields also fell.

At 01.26 GMT, the Kospi was down 10.68 points, or 0.44 per cent, at 2,412.80.

Market heavyweight Samsung Electronics fell for a third day and lost 0.2 per cent, while LG Electronics declined 0.64 per cent.

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Railway and construction shares, seen to benefit from any inter-Korea projects, continued to rise.

The won was quoted at 1,088.4 per US dollar on the onshore settlement platform, 0.49 per cent weaker than its previous close at 1,083.1.

In offshore trading, the won was quoted at 1,088.5 per US dollar, down 0.03 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,071.35 per US dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.22 per cent, after US stocks ended the previous session with mild gains.

Japanese stocks rose 0.33 per cent. 

The Kospi is down around 1.8 per cent so far this year, and down by 2.11 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 cap is 1,242.04 trillion won (S$1.53 trillion).

The trading volume during the session on the Kospi index was 180,555,000 shares and, of the total traded issues of 879, the number of advancing shares was 391. 

Foreigners were net sellers of 106,608 million won worth of shares.

The US dollar has risen 2.08 per cent against the won this year. The won's high for the year is 1,053.55 per US dollar on April 2, 2018 and low is 1,098.4 on Feb 6, 2018.

In money and debt markets, June futures on three-year treasury bonds rose 0.08 points to 107.97. 

The Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, compared with a previous close of 1.65 per cent, while the benchmark three-year Korean treasury bond yielded 2.202 per cent, lower than the previous day's 2.23 per cent.

REUTERS

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