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Seoul: Stocks slide, won erases losses
[SEOUL] South Korea's Kospi stock index weakened on Thursday. The Korean won reversed its earlier losses in the local platform and bond yields rose. At 0632 GMT, the Kospi was down 19.89 points or 0.80 per cent at 2,466.46.
The benchmark index slumped on local profit-taking, defying a wider rally in Asia, ahead of major earnings guidance from Samsung Electronics and other blue chip firms next week.
The won was quoted at 1,062.2 per US dollar on the onshore settlement platform, 0.22 per cent firmer than its previous close at 1,064.5. In offshore trading, the won was quoted at 1,061.26 per US dollar, up 0.27 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,054.2 per US dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.29 per cent, after US stocks ended the previous session with mild gains. Japanese stocks rose 3.26 per cent.
The Kospi is up around 0.8 per cent so far this year, and up by 1.88 per cent in the previous 30 days.
The current price-to-earnings ratio is 12.10, the dividend yield is 1.28 percent and the market capitalisation is 1,242.04 trillion won (S$1.56 trillion).
The trading volume during the session on the Kospi index was 329,629,000 shares, and of the total traded issues of 880, the number of advancing shares was 271. Foreigners were net buyers of 326,802 million won worth of shares.
The US dollar has fallen 0.48 per cent against the won this year. The won's high for the year is 1,060.35 per US dollar on Jan 2, 2018 and low is 1,068.3 on Jan 4, 2018.
In money and debt markets, March futures on three-year treasury bonds fell 0.03 points to 107.87. The Korean 3-month Certificate of Deposit benchmark rate was quoted at 1.66 per cent, while the benchmark 3-year Korean treasury bond yielded 2.144 per cent, higher than the previous day's 2.13 per cent.