South Korean shares retreat from 7-1/2-month high as recession worries grow

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 falls


SEOUL, April 6 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares dropped on Thursday, tracking the slump on Wall Street, as a raft of lacklustre economic data globally deepened worries that the U.S. Federal Reserve's rapid rate-hike trajectory might tip the economy into a recession.
** The Korean won weakened, while the benchmark bond yield fell.
** The benchmark KOSPI was down 15.45 points, or 0.62%, at 2,479.76, as of 0115 GMT, after hitting its highest level in 7-1/2 months on Wednesday.
** The U.S. services sector slowed more than expected in March, a survey showed overnight, with other data showing private payrolls growth also slowed considerably last month.
** The euro zone's recovery picked up pace last month, but the upturn was uneven across industries and countries, according to a survey that showed price pressures remained elevated in the region.


** "Before, weak data had helped stocks by prompting views for a slowdown in monetary tightening, but now it is different," said analyst Na Jeong-hwan at NH Investment and Securities.
** Technology giant Samsung Electronics fell 1.56%, peer SK Hynix lost 1.18%, and battery maker LG Energy Solution declined 0.34%.
** Among other index heavyweights, online service providers declined, while automakers and biopharmaceutical stocks advanced.


** Of the total 926 issues traded, only 226 shares rose.
** Foreigners were net sellers of shares worth 225.6 billion won ($171.09 million).


** The won was quoted at 1,319.0 per dollar on the onshore settlement platform , 0.64% lower than its previous close at 1,310.5.


** In money and debt markets, June futures on three-year treasury bonds rose 0.09 point to 105.10.
** The most liquid three-year Korean treasury bond yield fell 2.7 basis points to 3.236%, while the benchmark 10-year yield dropped 2.0 basis points to 3.307%. ($1 = 1,318.6000 won) (Reporting by Jihoon Lee; Editing by Sherry Jacob-Phillips)

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