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Seoul: Stocks, won fall on renewed US-China tensions, Italy turmoil
[SEOUL] South Korea's KOSPI stock index and the won fell on Wednesday as the renewal of trade tensions between the United States and China, and Italy's political turmoil hurt investor sentiment. Bond yields rose.
At 0630 GMT, the Kospi was down 48.22 points, or 1.96 per cent, at 2,409.03. Market heavyweight Samsung Electronics dropped 3.5 per cent on report Samsung Life Insurance plans to sell part of its shares in Samsung Electronics.
The won was quoted at 1,080.9 per dollar on the onshore settlement platform, 0.38 per cent weaker than its previous close at 1,076.8. In offshore trading, the won was quoted at 1,080.11 per US dollar, up 0.3 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,063.65 per dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.35 per cent, after US stocks ended the previous session with mild losses. Japanese stocks weakened 1.52 per cent.
The Kospi is down around 0.4 per cent so far this year, and down by 0.60 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 565,116,000 shares and, of the total traded issues of 884, the number of advancing shares was 222. Foreigners were net sellers of 655,946 million won worth of shares.
The US dollar has risen 1.29 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 fell 0.02 points to 107.88. The Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, compared with the previous close of 1.65 per cent, while the benchmark three-year Korean treasury bond yielded 2.196 per cent, higher than the previous day's 2.19 per cent.