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Seoul: Stocks, won climb over Powell comment, bullish Wall Street
[SEOUL] South Korea's KOSPI stock index ticked up on Monday tracking Wall Street, which hit a new high on Friday. The won gained as the US dollar weakened in response to Fed Chairman Jerome Powell's speech. Bond yields fell.
At 01:39 GMT, the KOSPI was up 2.84 points or 0.12 per cent at 2,296.05.
Construction and steel stocks with exposure to North Korea, including Hanil Hyundai Cement and Sungshin Cement, dropped over 10 per cent after US President Donald Trump cancelled Mike Pompeo's trip to North Korea on Friday, saying the two countries were not making sufficient progress on denuclearisation.
The won was quoted at 1,114.8 per US dollar on the onshore settlement platform, 0.37 per cent firmer than its previous close at 1,118.9. In offshore trading, the won was quoted at 1,114.7 per US dollar, down 0.03 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,097.15 per US dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.64 per cent, after US stocks ended the previous session with mild gains. Japanese stocks rose 0.85 per cent.
The KOSPI is down around 7.1 per cent so far this year, and up by 0.36 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 (S$1.5 trillion).
The trading volume during the session on the KOSPI index was 105,961,000 shares and, of the total traded issues of 891, the number of advancing shares was 281.
Foreigners were net buyers of 62,382 million won worth of shares.
The US dollar has risen 4.53 per cent against the won this year. The won's high for the year is 1,053.55 per dollar on April 2 and the low is 1,140.4 on July 19.
In money and debt markets, September futures on three-year treasury bonds rose 0.01 point to 108.71. The Korean 3-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, while the benchmark 3-year Korean treasury bond yielded 1.96 per cent, lower than the previous day's 1.97 per cent.