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Seoul: Stocks snap 5 days of gains as Brazil growth outlook dents sentiment
[SEOUL] South Korea's Kospi stock index snapped five straight sessions of gains on Friday as concerns about Brazil's growth outlook and political risks dampened investor sentiment. Widening rift between the United States and its major trading partners also deteriorated investor sentiment, sending the Korean won lower. Bond yields fell.
At 0632 GMT, the KOSPI was down 19.00 points, or 0.77 per cent, at 2,451.58. For the week, the KOSPI gained 0.5 per cent. The won was quoted at 1,075.9 per dollar on the onshore settlement platform, 0.64 per cent weaker than its previous close at 1,069.
In offshore trading, the won was quoted at 1,075.21 per US dollar, down 0.34 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,059.45 per dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.33 per cent, after US stocks ended the previous session with mild losses. Japanese stocks weakened 0.56 per cent.
The KOSPI is up around 0.1 per cent so far this year, and up by 0.23 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 510,912,000 shares and, of the total traded issues of 884, the number of advancing shares was 265. Foreigners were net sellers of 33,182 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, 2018.
In money and debt markets, June futures on three-year treasury bonds rose 0.09 points to 107.89. 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 2.194 per cent, lower than the previous day's 2.22 per cent.