off-the-wire

South Korean shares fall as banking contagion fears sour mood

Kitco Media
By Reuters
Published:
Updated:
Reuters



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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, March 27 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares fell on Monday as investors maintained a cautious stance over risks in the global banking system even as they assessed moves made by authorities and regulators to rein in worries over the troubled sector.


** The won weakened on foreign net selling of local shares.
** The stock market's benchmark KOSPI fell 5.74 points, or 0.24%, to close at 2,409.22. Despite a strong start, the index posted a second day of losses.


** European Union leaders and the European Central Bank sought to calm market jitters by presenting a united front on the banking sector, saying EU lenders are well-capitalised and liquid due to lessons drawn after the 2008 Lehman Brothers collapse.
** The sub-index on South Korean banks dropped 0.6%, far from a massive selloff but still a result of jitters about the sector in general.
** Technology giant Samsung Electronics fell 1.43% and peer SK Hynix lost 2.06%, while battery maker LG Energy Solution advanced 0.88%.
** Of the total 933 issues traded, just 315 shares gained.
** Foreigners were net sellers of shares worth 104.0 billion won ($79.95 million).


** The won ended onshore trade at 1,301.5 per dollar, 0.55% lower than its previous close at 1,294.3.


** In offshore trading, the won was quoted at 1,300.8 per dollar, down 0.5% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,297.5.
** The KOSPI has risen 7.73% so far this year, but lost 2.7% in the previous 30 trading sessions.
** The won has lost 2.8% against the dollar so far this year.
** In money and debt markets, June futures on three-year treasury bonds fell 0.13 points to 105.13.
** The most liquid three-year Korean treasury bond yield rose 6.3 basis points to 3.218%, while the benchmark 10-year yield climbed 4.4 basis points to 3.252%.


($1 = 1,300.8400 won) (Reporting by Choonsik Yoo; Editing by Sherry Jacob-Phillips)

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