S.Korean shares fall 1% as investors doubt pandemic slowdown, oil price recovery

Credit: REUTERS/KIM HONG-JI

Round-up of South Korean financial markets:

KOSPI drops nearly 1%

Foreigners net sellers for 25 straight sessions

Korean won strengthens versus U.S. dollar

South Korea benchmark bond yield falls

For the midday report, please click

SEOUL, April 8 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares fell nearly 1% on Wednesday after two straight sessions of sharp gains, as investors cast doubt on an impending slowdown of the coronavirus pandemic and fretted over the uncertainty of a recovery in oil prices. The Korean won strengthened, while the benchmark bond yield fell.

** The Seoul stock market's main KOSPI .KS11 closed down 16.46 points, or 0.90%, to 1,807.14. It has fallen 17.77% so far this year.

** Foreigners were net sellers of 134.2 billion won ($110.01 million) worth of shares on the main board, extending the selloff to a 25th session. They sold around 13.6 trillion won ($11.15 billion) during the period.

** Even as medical teams struggled to save gravely ill coronavirus patients and deaths hit new highs, the number of COVID-19 hospitalisations seemed to be levelling off in New York state, Governor of New York said on Tuesday.

** Iran's Oil Minister said his country does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, according to a letter sent to OPEC and seen by Reuters.

** Equity prices will continue to rise and fall for a while under persisting pressure from fears over economic fallout, said Huh Jae-hwan, an analyst at Eugene Investment & Securities.

** South Korea reported 53 new coronavirus cases on Wednesday, bringing the national tally to 10,384.

** South Korea's president said on Wednesday the government will make an additional 36 trillion won ($29.51 billion) worth of cheap loans available for exporters hit by the coronavirus.

** The won closed trading at 1,220.9 per dollar on the onshore settlement platform KRW=KFTC, 0.02% higher than its previous close at 1,221.2. It has lost 5.3% against dollar so far this year.

** In offshore trading, the won KRW= was quoted at 1,220.2 per dollar, down 0.4% from the previous day, while in non-deliverable forward trading its one-month contract KRW1MNDFOR= was quoted at 1,219.0.

** In money and debt markets, June futures on three-year treasury bonds KTBc1 rose 0.07 points to 111.47.

** The most liquid 3-year Korean treasury bond yield fell by 1.2 basis points to 1.037%, while the benchmark 10-year yield fell by 6.0 basis points to 1.520%.

($1 = 1,219.8900 won)

(Reporting by Jihoon Lee; Editing by Christopher Cushing)

((Jihoon.Lee@thomsonreuters.com; +822 6936 0034;))

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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