S.Korean stocks hit 1-month low as global recovery loses steam

Credit: REUTERS/Kim Hong-Ji

South Korean shares tumbled 2% to a one-month low on Thursday, tracking sharp losses on Wall Street after U.S. and euro zone data pointed to a faltering economic recovery amid a second wave of global cases of the novel coronavirus.

* KOSPI falls, foreigners net sellers

* Korean won weakens against U.S. dollar

* South Korea benchmark bond yield falls

SEOUL, Sept 24 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares tumbled 2% to a one-month low on Thursday, tracking sharp losses on Wall Street after U.S. and euro zone data pointed to a faltering economic recovery amid a second wave of global cases of the novel coronavirus.

** Both the won and the benchmark bond yield weakened.

** By 0231 GMT, the benchmark KOSPI fell 45.66 points, or 1.96%, to 2,287.58. The index fell as much as 2.01% to its lowest level since Aug. 24.

** Market heavyweight Samsung Electronics led the losses, falling up to 1.7%. Hyundai Motor and internet giant Naver dropped 3.3% and 2.7% each.

** While the U.S. business activity cooled in September as gains at factories were offset by a retreat in services, a survey showed euro zone business growth ground to a halt this month.

** Meanwhile, South Korea reported 125 new COVID-19 cases as of Wednesday midnight, more than 110 a day earlier and bringing the national tally to 23,341.

** Foreigners were net sellers of 24.1 billion won ($20.61 million) worth of shares on the main board.

** The won was quoted at 1,169.5 per dollar on the onshore settlement platform , 0.44% lower than its previous close at 1,164.4.

** In offshore trading, the won was quoted at 1,169.4 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,168.5.

** In money and debt markets, December futures on three-year treasury bonds rose 0.04 points to 111.97.

** The most liquid 3-year Korean treasury bond yield fell by 0.5 basis point to 0.878%, while the benchmark 10-year yield fell by 0.2 basis point to 1.444%. ($1 = 1,169.3300 won) (Reporting by Joori Roh; editing by Uttaresh.V) ((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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