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Company News

S.Korean stocks post worst fall in a month on Europe lockdown concerns

* KOSPI falls 2.4%, most since Aug. 20

* Foreigners sell net 229.6 bln won

* Korean won weakens against U.S. dollar

* South Korea benchmark bond yield falls

* For the midday report, please click

SEOUL, Sept 22 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares dropped 2.4% on Tuesday, logging the sharpest decline in a month, as investors shunned riskier assets on concerns about new coronavirus restrictions in Europe. Both the won and the benchmark bond yield weakened.

** The benchmark KOSPI extended losses to a second session to close down 56.80 points, or 2.38%, at 2,332.59.

** With COVID-19 infections on the rise in Europe, countries including Denmark, Greece and England have tightened restrictions, spurring fears about fresh lockdowns that could further pressure the economy.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.26%.

** Most of South Korea’s market heavyweights slumped, with the two largest - Samsung Electronics and SK Hynix - falling 1.7% and 3.8%, respectively.

** Shares in South Korean biomedical firm LabGenomics dropped to a two-month low, after reports said a U.S. lab had stopped using the company’s COVID-19 test kits due to reliability concerns.

** Meanwhile, LG Chem, a Tesla supplier, soared as much as 5.1% ahead of the electric-car maker’s “Battery Day” event on hopes for increased battery cell purchases from Tesla.

** The Bank of Korea said it sees no need to downgrade its current economic growth projections, even after the government imposed tougher social distancing measures to curb a spike in coronavirus cases in late August.

** South Korea reported 61 new coronavirus cases as of Monday midnight, lower than 70 a day earlier.

** Foreigners were net sellers of 229.6 billion won worth of shares on the main board.

** The won ended trading at 1,165.0 per dollar on the onshore settlement platform, 0.60% lower than its previous close.

** The most liquid three-year Korean treasury bond yield fell by 0.7 basis points to 0.897%. (Reporting by Joori Roh; Editing by Devika Syamnath)

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