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KOSPI ends three-session falling streak
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Korean won sees best day in two months
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South Korea benchmark bond yield hits one-month low
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For the midday report, please click SEOUL, March 13 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares ended higher on Monday, with concerns over the collapse of U.S.-based Silicon Valley Bank easing as it raised hopes for a slowdown in monetary tightening by the Federal Reserve.
** The Korean won posted its biggest jump in two months,
while the benchmark bond yield dropped to its lowest level in a
month.
** The benchmark KOSPI closed up 16.01 points, or
0.67%, at 2,410.60, reversing its 1.04% loss in early trade.
** U.S. authorities stepped in on Sunday, with a series of
emergency measures to shore up confidence in the banking system
after the failure of Silicon Valley Bank threatened to
trigger a broader systemic crisis.
** South Korea's finance ministry and central bank said they
were closely monitoring financial markets and vowed to take
market-stabilising measures if needed.
** "The market calmed after U.S. authorities' proactive
measures to prevent concerns from spreading, and it was also
boosted by perception that the Fed's tightening has reached its
limit," said Seo Jung-hun, an analyst at Samsung Securities.
** The finance-major index climbed 0.56% and the
securities-minor index rose 0.85%, reversing their early
losses. The Financial Supervisory Service said most local firms
were well-positioned to withstand temporary shocks.
** HYBE rose 3.21% after the K-Pop agency
dropped its plan to take control of SM Entertainment, while
takeover battle winner Kakao jumped 4.65%. SM
Entertainment plummeted 23.48%.
** Foreigners were net buyers of shares worth 17.9 billion
won ($13.74 million).
** The won ended onshore trade 1.72% higher at
1,301.8 per dollar. It was the currency's best daily performance
since Jan. 9.
** The most liquid three-year Korean treasury bond yield
dropped by 28.2 basis points to 3.417%, and the benchmark
10-year yield fell by 20.6 basis points to 3.377%. They hit the
lowest levels since mid-February.
($1 = 1,302.8800 won)
(Reporting by Jihoon Lee; Editing by Rashmi Aich)
