You are here

Seoul: Stocks, won gain ahead of FOMC decision

colin-ss-1.jpg

[SEOUL] South Korea's Kospi stock index and won edged up on Wednesday while investors awaited the outcome of Federal Open Market Committee (FOMC) meeting, despite fears of an escalation in US-China tariff war. South Korean bond yields also rose.

At 0633 GMT, the Kospi was up 11.81 points or 0.51 per cent at 2,307.07. Shares of cosmetics makers gained ahead of South Korea-China high-level talks in Beijing today.

The won was quoted at 1,120.6 per dollar on the onshore settlement platform, 0.17 per cent weaker than its previous close at 1,118.7. In offshore trading, the won was quoted at 1,120.69 per US dollar, down 0.76 per cent from the previous day, while in one-year non-deliverable forwards it was being asked at 1,104.08 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.06 per cent after US stocks ended the previous session with gains. Japanese stocks rose 0.86 per cent. The KOSPI is down around 7 per cent so far this year, and down by 1.92 per cent in the previous 30 days.

sentifi.com

Market voices on:

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 214,465,000 shares and of the total traded issues of 896, the number of advancing shares was 601. Foreigners were net buyers of 174,379 million won worth of shares.

The US dollar has risen 5.09 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 1,140.4 on July 19, 2018. In money and debt markets, September futures on three-year treasury bonds rose 0.02 points to 108.05. The Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, while the benchmark three-year Korean treasury bond yielded 2.126 per cent, higher than the previous day's 2.12 per cent.

REUTERS