March 13, 2020 / 3:17 AM / 24 days ago

South Korean stocks plunge, triggering KOSPI circuit breakers for first time since 2001

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

Currency dealers talk in front of an electronic board showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of a bank in Seoul, South Korea, March 13, 2020. REUTERS/Kim Hong-Ji

** South Korean shares plunged to a near 10-year low on Friday, triggering circuit breakers on the main index for the first time in nearly two decades, as panic over the coronavirus led to a rout in global equities. The won slid to a four-year low, while the benchmark bond yield soared.

** By 0233 GMT, the benchmark KOSPI was down 128.68 points, or 7.02%, at 1,705.65. It earlier fell as much as 8.2% to the lowest since late 2011, and has lost 22.39% so far this year.

** The index was set to post the biggest weekly decline since the 2008 financial crisis.

** The Korea Exchange activated trading curbs on the local stock market for a second straight day on Friday.

** The Bank of Korea said on Friday its seven-member committee was discussing whether to hold a rare inter-meeting review to cut policy interest rates to a new record-low. The bank has not delivered an emergency rate cut since October 2008.

** South Korea’s FX authorities said they will act to stem any herd-like behaviour in the currency market, while multiple dealers told Reuters that the authorities were suspected to have sold dollars to curb the won’s weakness.

** Foreigners were net sellers of 570.6 billion won ($466.22 million) worth of shares on the main board.

** The won was quoted at 1,224.3 per dollar on the onshore settlement platform, 1.45% lower than its previous close of 1,206.5.

** In offshore trading, the won was quoted at 1,224.4 per U.S. dollar, down 1.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,221.4 per dollar.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 4.16%, while Japanese stocks fell 7.97%.

** The trading volume during the session in the KOSPI index was 473.87 million shares. Of the total traded issues of 904, the number of advancing shares was 8.

** In money and debt markets, March futures on three-year treasury bonds fell 0.18 points to 111.33.

** The most liquid 3-year Korean treasury bond yield rose by 7.6 basis points to 1.140%, while the benchmark 10-year yield rose by 12.9 basis points to 1.515%.

Reporting by Joori Roh; Editing by Aditya Soni

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