Stock Market News – S.Korea stocks log biggest weekly drop in nearly 3 mths
SEOUL, May 14 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares rose on Friday, but logged the biggest weekly drop in almost three months, as investors began shrugging off inflation worries. The Korean won strengthened, while the benchmark bond yield rose.
** The benchmark KOSPI rose 31.21 points, or 1.00%, to 3,153.32 as of 06:32 GMT. For the week, the index declined 1.37%, the biggest weekly loss since February-end.
** Among the heavyweights, technology giant Samsung Electronics rose 2.04% and peer SK Hynix advanced 0.85%, while LG Chem gained 0.47% and Naver rose 1.48%.
** Volatility from higher-than-expected U.S. inflation figures seems to be easing, and investors are focusing on the April minutes from Federal Open Market Committee meetings, said Lee Kyoung-min, an analyst at Daishin Securities.
** Worries arose from the annual U.S. consumer prices which unexpectedly rose the most in over a decade, prompting markets to wager on earlier policy tightening and sending stock markets tumbling.
** Foreigners were net sellers of 419.3 billion won worth of shares on the main board.
** The won was quoted at 1,128.6 per dollar on the onshore settlement platform, 0.06% higher than its previous close at 1,129.3.
** In offshore trading, the won was quoted at 1,128.4 per dollar, down 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,128.1.
** The KOSPI has risen 9.74% so far this year, and gained 2.0% in the previous 30 trading sessions.
** The trading volume during the session in the KOSPI index was 822.50 million shares. Of the total 907 issues traded, 504 advanced.
** The won has lost 3.7% against the dollar so far this year.
** In money and debt markets, June futures on three-year treasury bonds rose 0.03 points to 110.95.
** The most liquid 3-year Korean treasury bond yield fell by 0.8 basis points to 1.116%, while the benchmark 10-year yield rose by 0.4 basis points to 2.160%. (Reporting by Cynthia Kim; Additional reporting by Jihoon Lee; Editing by Vinay Dwivedi)