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KOSPI falls from near two-month high
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Korean won drops over 1% against dollar
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South Korea benchmark bond yield rises
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For the midday report, please click SEOUL, April 3 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares snapped a four-day rally on Monday,
as a surprise decision by OPEC+ to cut oil production sparked
inflation worries. The Korean won dropped more than 1%, while
the benchmark bond yield rose.
** The benchmark KOSPI closed down 4.52 points, or
0.18%, at 2,472.34, after swinging between gains and losses. The
KOSPI retreated from its highest level since Feb. 9 hit on
Friday.
** Saudi Arabia and other OPEC+ oil producers on Sunday
announced further oil output cuts. The decision came a day
before a virtual meeting of an OPEC+ ministerial panel, which
includes Saudi Arabia and Russia.
** "It caused worries about higher oil prices' impact on
inflation and monetary policy," said analyst Kim Seok-hwan at
Mirae Asset Securities.
** Chipmakers Samsung Electronics and SK Hynix fell 1.41% and 1.58%, respectively. Online platform
stocks Naver and Kakao dropped 1.88% and
1.47%, respectively.
** Battery makers gained after the United States unveiled
stricter electric vehicle tax rules last Friday. LG Energy
Solution rose 0.34%, Samsung SDI jumped
1.36%, and SK Innovation climbed 0.39%.
** The battery sector cheered it, finding reduced
uncertainties and no imminent trouble for meeting the rules,
according to the South Korean government.
** Of the total 935 issues traded, 513 shares rose.
** Foreigners were net sellers of shares worth 153.2 billion
won ($116.43 million).
** The won ended onshore trade 1.11% lower at
1,316.5 per dollar, after falling as much as 1.45% to a
three-week low of 1,321.1.
** In money and debt markets, June futures on three-year
treasury bonds fell 0.12 point to 104.76.
** The most liquid three-year Korean treasury bond yield
rose by 6.5 basis points to 3.329%, while the benchmark 10-year
yield rose by 4.5 basis points to 3.378%.
($1 = 1,315.8200 won)
(Reporting by Jihoon Lee; Editing by Subhranshu Sahu)
