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Seoul: Stocks rebound as foreigners turn net buyers; won rises

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[SEOUL] South Korea's Kospi stock index rose slightly on Tuesday as foreigners turned net buyers following a sharp decline in the previous session. The Korean won edged higher against the dollar and the benchmark bond yield rose. The Seoul stock market's main Kospi closed up 3.94 points or 0.18 per cent to 2,148.80 points.

On Monday, South Korean stocks fell the most in nearly five months as fears of global economic slowdown spooked investors.

Shares of Asiana Airlines and its biggest shareholder Kumho Industrial plunged 15 per cent and 25.9 per cent, respectively, as the airline revised its accounts that widened its annual loss. Foreigners were net buyers of 40.2 billion won worth of shares on the main board, while individuals also bought 154.5 billion won worth of shares.

The won was quoted at 1,133.4 per dollar on the onshore settlement platform, 0.07 per cent higher than its previous close at 1,134.2. In offshore trading, the won was quoted at 1,133.0 per US dollar, down 0.1 per cent from the previous day, while in one-year non-deliverable forward trading, its one-month contract was quoted at 1,131.8 per dollar.

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MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.08 per cent, after US stocks ended subdued. Japanese stocks rose 2.15 per cent.

The Kospi has risen 5.28 per cent so far this year, and fallen 1.5 per cent in the previous 30 trading sessions.

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 295.61 million shares and, of the total traded issues of 895, the number of advancing shares was 556.

The won has lost 1.6 per cent against the US dollar this year.

In money and debt markets, June futures on three-year treasury bonds rose 0.04 point to 109.46, while the three-month Certificate of Deposit rate was quoted at 1.90 per cent.

The most liquid three-year Korean treasury bond yield fell 0.4 basis point to 1.764 per cent, while the benchmark 10-year yield rose 1.9 basis points to 1.905 per cent. 

REUTERS