June 17, 2019 / 2:43 AM / 4 months ago

S.Korea stocks steady; focus shifts to Fed meet

    * KOSPI index flat, foreigners net sellers
    * Korean won drops versus U.S. dollar
    * South Korea benchmark bond yield rises

    SEOUL, June 17 (Reuters) - Round-up of South Korean
financial markets:
** South Korea's KOSPI index         was flat on Monday ahead of
a Federal Reserve meeting, while investors kept a cautious
stance after a U.S. chipmaker giant painted a gloomy outlook for
the industry. The won weakened, while benchmark bond yield rose.
** As of 0235 GMT, the Seoul stock market's main KOSPI was
trading flat 0.17 points or 0.01% at 2,095.24 points.

** The Federal Open Market Committee's (FOMC) two-day policy
meeting is set to begin on Tuesday. Strong U.S. retail sales
data on Friday rolled back expectations of a Fed rate cut at
this week's meeting to 21.7%, from 28.3% on Thursday, according
to CME Group's FedWatch tool. But bets of an easing at the July
meeting remain high at 85%.             
** If the Fed provides a rate cut signal, it will boost South
Korean stocks with an improved risk appetite, said Na Jong-hwan,
an analyst at DS Investment & Securities. 
** However, the index will face downside risks if U.S. chipmaker
Micron Technology's        third-quarter results take a turn for
the worse, he added. Micron will report its third-quarter
results on June 25.   
** Broadcom Inc          sent shockwaves through the global
chipmaking industry on Friday with its forecast that U.S.-China
trade tensions and the ban on doing business with Huawei
Technologies would knock $2 billion off the company's sales this
** Foreigners were net sellers of 1.3 billion won ($1.10
million) worth of shares on the main board. 
** The won was quoted at 1,186.2 per dollar on the onshore
settlement platform           , 0.08% lower than its previous
close at 1,185.3.
** In offshore trading, the won        was quoted at 1,186.3 per
U.S. dollar, unchanged from the previous session, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,184.8 per dollar.
** MSCI's broadest index of Asia-Pacific shares outside Japan
                was up 0.29%, after U.S. stocks closed down.
Japanese stocks         rose 0.25%.            
** The KOSPI rose 2.86% so far this year, but lost 4.9% in the
previous 30 trading sessions.
** The current price-to-earnings ratio is 12.10, the dividend
yield is 1.28% and the market capitalisation is 1,242.04
trillion won.
** The trading volume during the session on the KOSPI index
        was 220.83 million shares and, of the total traded
issues of 890, the number of advancing shares was 448.
** The won lost 5.9% against the U.S dollar so far this year.
** In money and debt markets, June futures on three-year
treasury bonds         dipped 0.05 points to 110.20, while the
3-month Certificate of Deposit rate was quoted at 1.81%.
** The most liquid 3-year Korean treasury bond yield rose by 1.8
basis points to 1.490%, while the benchmark 10-year yield rose
by 2.9 basis points to 1.621%.

($1 = 1,186.3000 won)

 (Reporting by Hayoung Choi, Editing by Sherry Jacob-Phillips)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below