S.Korea stocks rise on global rally; downbeat factory data dents sentiment

Credit: REUTERS/Kim Hong-Ji

* KOSPI rises, foreigners net sellers

* Korean won gains against U.S. dollar

* South Korea benchmark bond yield rises

SEOUL, Aug 31 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose on Monday tracking a global rally, but trimmed some gains after July factory data fell short of forecasts and as tougher coronavirus-led social distancing measures took effect. The won and the benchmark bond yield rose.

** By 0220 GMT, the benchmark KOSPI rose 7.53 points, or 0.32%, to 2,361.33, erasing gains as much as 1.2% in earlier session.

** In July, South Korea's industrial production rose by a seasonally-adjusted 1.6% from a month earlier, down from 7.2% in June, while a resurgence in coronavirus infections is expected to further weigh on the economy.

** The country reported 248 new coronavirus cases as of Sunday midnight, slower than the previous day's 299 infections, as restrictions on onsite dining at restaurants, pubs and bakeries in the densely populated Seoul area took effect on Sunday.

** Meanwhile, China's factory activity grew at a slower pace in August as floods across southwestern China disrupt production while smaller firms continued to struggle, potentially tempering a robust recovery for the economy from the coronavirus shock.

** Foreigners were net sellers of 428.4 billion won ($362.35 million) worth of shares on the main board.

** The won was quoted at 1,181.6 per dollar on the onshore settlement platform , 0.23% higher than its previous close at 1,184.3.

** In offshore trading, the won was quoted at 1,182.3 per dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,181.5.

** MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.40%.

** In money and debt markets, September futures on three-year treasury bonds fell 0.05 points to 111.90.

** The most liquid 3-year Korean treasury bond yield rose by 1.9 basis points to 0.914%, while the benchmark 10-year yield rose by 1.3 basis points to 1.499%. ($1 = 1,182.2700 won) (Reporting by Joori Roh; Editing by Amy Caren Daniel) ((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.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.