South Korean shares rebound as US recession fears ease
Tuesday, August 06, 2024       14:19 WIB

August 06, 2024 at 02:51 am EDT
* KOSPI rises, foreigners net sellers
* Korean won weakens against dollar
* South Korea benchmark bond yield rises
SEOUL (Reuters) - Round-up of South Korean financial markets:
** South Korean shares rebounded sharply on Tuesday, after hitting a 6-1/2-month low in the previous session on the biggest sell-off since late 2008, as U.S. data and policymaker comments eased fears of a recession.
** The benchmark KOSPI closed up 80.60 points, or 3.30%, at 2,522.15. On Monday, it fell 8.8% to its lowest level since mid-January.
** "The domestic market rebounded on eased worries about the U.S. economy heading towards recession," said Lee Kyoung-min, an analyst at Daishin Securities.
** U.S. stock index futures rose more than 1% in Asian trading hours on Tuesday, after the benchmark indexes dropped 3% on Monday. Japan's Nikkei jumped 10%, after posting its worst session since the 1987 Black Monday crash in the last session.
** U.S. services sector activity rebounded from a four-year low in July, data showed on Monday.
** San Francisco Federal Reserve Bank President Mary Daly on Monday said there was no labour market indicator flashing red at the moment.
** Sidecar trading curbs were activated on the benchmark KOSPI index soon after the market opened, as index futures rose sharply.
** South Korea's finance minister said authorities would take market stabilising measures in a swift manner in case of excessive volatility.
** Among index heavyweights, chipmaker Samsung Electronics rose 1.54% and peer SK Hynix gained 4.87%, while battery maker LG Energy Solution climbed 4.66%.
** Foreigners were net sellers of shares worth 193.1 billion won ($140.44 million), after selling 1.5 trillion won on Monday in their biggest sell-off in 2-1/2 years.
** The won was quoted at 1,375.6 per dollar on the onshore settlement platform, 0.41% lower than its previous close.
** The most liquid three-year Korean treasury bond yield rose by 11.9 basis points to 2.924%, while the benchmark 10-year yield rose by 12.4 basis points to 2.987%. ($1 = 1,374.9200 won) (Reporting by Jihoon Lee; Editing by Mrigank Dhaniwala)

Sumber : Reuters

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