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KOSPI falls, foreigners net sellers
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Korean won weakens against dollar
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South Korea benchmark bond yield rises
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For the midday report, please click SEOUL, Feb 27 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares fell to their lowest in more than
five weeks on Monday, after strong U.S. data fanned fears that
the Federal Reserve could continue raising interest rates into
summer.
** The Korean won dropped to its lowest level since early
December last year, while the benchmark bond yield rose.
** The benchmark KOSPI ended down 20.97 points, or
0.87%, at 2,402.64, after falling as much as 1.64%. It was the
lowest close since Jan. 19.
** Data on Friday showed U.S. consumer spending increased by
the most in nearly two years in January amid a surge in wage
gains, while inflation accelerated, adding to worries about
further rate hikes.
** "Risk sentiment retreated as the inflation shock
re-ignited monetary tightening concerns," said Lee Kyoung-min,
an analyst at Daishin Securities.
** South Korea's foreign exchange authorities said on Monday
they would meet with domestic exporting companies to discuss
supply and demand conditions in the local currency market, as
they found increased volatility in the market.
** SeAH Besteel Holdings Corp jumped by the
daily limit of 30% to a near three-month high on reports that
its affiliate was in talks with SpaceX for a supply contract.
** Samsung Electronics fell 1.31%, peer SK Hynix lost 1.10%, and battery maker LG Energy Solution declined 0.59%.
** Of the total 933 issues traded, 222 shares advanced.
** Foreigners were net sellers of shares worth 321.8 billion
won (about $243 million).
** The won ended onshore trade 1.38% lower at
1,323.0 per dollar, after touching 1,323.5, its lowest since
Dec. 7, 2022.
** In money and debt markets, March futures on three-year
treasury bonds dropped 0.45 points to 103.46.
** The most liquid three-year Korean treasury bond yield
jumped by 11.5 basis points to 3.673%, while the benchmark
10-year yield rose by 7.4 basis points to 3.608%.
($1 = 1,324.4700 won)
(Reporting by Jihoon Lee; Editing by Savio D'Souza)
