S.Korea stocks flat as global virus worries offset domestic trade boost

Credit: REUTERS/Kim Hong-Ji

* KOSPI flat, foreigners net sellers

* Korean won weakens against U.S. dollar

* South Korea benchmark bond yield rises

SEOUL, Sept 21 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares were flat on Monday as a tech-led selloff in Wall Street and concerns over surging coronavirus cases in Europe offset optimism around strong domestic trade data. The won weakened, while the benchmark bond yield rose.

** By 0211 GMT, the benchmark KOSPI fell 0.27 points, or 0.01%, to 2,412.13, although losses were limited as South Korea reported its lowest daily coronavirus infections since mid-August, with 70 new cases as of Sunday midnight.

** "Though the local coronavirus spread seems to be stabilising, the more important global spread is not slowing, which is a concern," said DS Securities analyst Na Jeong-hwan.

** European countries from Denmark to Greece announced new restrictions on Friday to curb surging infections in some of their largest cities, while Britain was reported to be considering a new national lockdown.

** Meanwhile, South Korea's exports for the first 20 days of the month returned to growth for the first time since March, helped by higher microchip and car sales in a boost to recovery hopes in the trade-reliant economy.

** South Korean chip giants Samsung Electronics and SK Hynix rose 0.7% and 1.3%, respectively, while biopharmaceutical firm Celltrion Inc declined 2.4% and LG Chem fell 5% by 0241 GMT.

** Foreigners were net sellers of 0.8 billion won ($687,982.66) worth of shares on the main board.

** The won was quoted at 1,162.8 per dollar on the onshore settlement platform , 0.21% lower than its previous close at 1,160.3.

** In offshore trading, the won was quoted at 1,162.8 per dollar, up 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,162.3.

** In money and debt markets, December futures on three-year treasury bonds was unchanged at 111.78.

($1 = 1,162.8200 won) (Reporting by Joori Roh; Additional reporting by Jihoon Lee; Editing by Devika Syamnath) ((joori.roh@thomsonreuters.com; +82 2 6936 1493;)) Keywords: SOUTHKOREA MARKETS/MIDDAY

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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