South Korean shares cut losses on Credit Suisse's fresh borrowing plans

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI ends flat, foreigners net sellers

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Korean won weakens against dollar

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South Korea benchmark bond yield falls

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For the midday report, please click SEOUL, March 16 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares ended marginally lower on Thursday, paring steep early losses, after Swiss bank Credit Suisse's announcement of fresh borrowing plans.
** The benchmark KOSPI ended down 1.81 points, or 0.08%, at 2,377.91, after dropping as much as 1.41%.
** Credit Suisse Group AG said it intended to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, after Swiss regulators pledged a liquidity lifeline to the flagship Swiss lender in an unprecedented move by a central bank after its shares fell by as much as 30% on Wednesday.
** Despite the KOSPI's rebound, the sub-index for banks suffered a sharp 2.1% drop in line with the globally increased concern about the banking sector.
** Technology giant Samsung Electronics rose 0.17% and peer SK Hynix lost 0.13%, while battery maker LG Energy Solution advanced 1.95%.
** Of the total 932 issues traded, only 223 gained.
** Foreigners were net sellers of shares worth 86.4 billion won ($65.85 million).


** The won ended onshore trade at 1,313.0 per dollar, 0.71% lower than its previous close at 1,303.7.


** In offshore trading, the won was quoted at 1,312.1 per dollar, up 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,309.1.
** The KOSPI has risen 6.33% so far this year, but lost 1.9% in the previous 30 trading sessions.
** The won has lost 3.7% against the dollar so far this year.
** In money and debt markets, March futures on three-year treasury bonds rose 0.23 points to 104.50.
** The most liquid three-year Korean treasury bond yield fell by 8.4 basis points to 3.392%, while the benchmark 10-year yield fell by 2.9 basis points to 3.389%.
($1 = 1,312.0000 won) (Reporting by Choonsik Yoo; Editing by Rashmi Aich)

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