July 23, 2020 / 2:36 AM / 14 days ago

S.Korea stocks drop on recession worries, fresh U.S.-China row

    * KOSPI falls, foreigners net sellers
    * KRW weakens against USD
    * S.Korea benchmark bond yield falls

    SEOUL, July 23 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares slid on Thursday after data showed
the country plunged into recession in the second quarter, while
fresh diplomatic row between Washington and Beijing also weighed
on investor sentiment. The Korean won weakened, while the
benchmark bond yield fell.
    ** As of 0217 GMT, the benchmark KOSPI         dropped 15.94
points, or 0.72%, to 2,212.72.
    ** The United States ordered China to close its consulate in
Houston amid accusations of spying, which was strongly condemned
by China, while a source said Beijing was considering shutting
the U.S. consulate in Wuhan in retaliation.             
    ** South Korea plunged into recession in the second quarter
in its worst economic decline in more than two decades as the
coronavirus pandemic battered exports and social distancing
curbs paralysed factory output.             
    ** SK Hynix            , the world's No.2 memory chip maker,
slid 0.6% after it warned of uncertainty in the second half of
    ** Chip giant Samsung Electronics             slipped 1.3%,
while internet services provider Naver             and messenger
app operator Kakao             climbed 4.6% and 2.8%,
    ** Foreigners were net sellers of 92.7 billion won ($77.40
million) worth of shares on the main board.
    ** The won was quoted at 1,198.7 per dollar on the onshore
settlement platform           , 0.28% lower than its previous
close at 1,195.3.
    ** In offshore trading, the won        was quoted at 1,197.8
per dollar, unchanged from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,197.1.
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.03 point to 112.22.
    ** The most liquid 3-year Korean treasury bond yield fell by
0.8 basis point to 0.802%, while the benchmark 10-year yield
fell by 0.8 basis point to 1.339%.
    ($1 = 1,197.7000 won)

 (Reporting by Joori Roh; Editing by Subhranshu Sahu)
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