July 7, 2020 / 2:43 AM / a month ago

S.Korean shares drop as virus surge dents rebound hopes

    * KOSPI falls, foreigners net sellers
    * Korean won strengthens versus U.S. dollar
    * South Korea benchmark bond yield falls

    SEOUL, July 7 (Reuters) - Round-up of South Korean financial
markets:
    
    ** South Korean shares fell on Tuesday as mounting COVID-19
cases assuaged hopes of an economic rebound, while investors
were cautious ahead of the quarterly corporate earnings. The
Korean won strengthened and the benchmark bond yield fell.
    
    ** The Seoul stock market's main KOSPI         was down
10.52 points, or 0.48%, at 2,177.41, as of 0200 GMT.
    
    ** The number of U.S. coronavirus deaths exceeded 130,000 on
Monday, following a surge of new cases that has put President
Donald Trump's handling of the crisis under the microscope and
derailed efforts to restart the economy.             
    
    ** South Korea reported 44 new coronavirus cases on Tuesday,
bringing the national tally to 13,181.
    
    ** Stocks in early session rose as much as 0.9% as U.S.
services industry activity rebounded sharply in June, almost
returning to its pre-COVID-19 pandemic levels.             
    
    ** Investors maintained a cautious stance ahead of corporate
earnings for the second quarter, said Chang Hee-jong, an analyst
at Hi Investment & Securities.
    
    ** Meanwhile, Samsung Electronics Co Ltd             said
its second-quarter operating profit likely rose 23%, beating
analysts' estimates on solid chip sales to data centres catering
for a work-from-home economy. Its shares were down 1.5%.
                
   
    ** Foreigners were net sellers of 114.4 billion won ($95.87
million) worth of shares on the main board. 
    
    ** The won was quoted 0.18% higher at 1,193.7 per dollar on
the onshore settlement platform           .
    
    ** In offshore trading, the won        was quoted down 0.2%
at 1,193.8 per dollar, while in non-deliverable forward trading
its one-month contract               was quoted at 1,193.1.
    
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.04 point to 112.06.
    
    ** The most liquid 3-year Korean treasury bond yield fell by
0.7 basis point to 0.846%, while the benchmark 10-year yield
fell by 1.7 basis points to 1.392%.

($1 = 1,193.3000 won)

 (Reporting by Jihoon Lee, Editing by Sherry Jacob-Phillips)
  
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