S.Korean shares rise as U.S. Fed stimulus eases liquidity concerns

* Foreigners net sellers for 27 straight sessions

* Kospi rises, Korean won strengthens vs U.S. dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, April 10 (Reuters) – Round-up of South Korean financial markets:

** South Korean shares rose on Friday as market sentiment was lifted by the U.S. Federal Reserve’s fresh stimulus measures overnight that eased concerns over a liquidity crunch. The Korean won strengthened, while the benchmark bond yield rose.

** The Seoul stock market’s main KOSPI closed up 24.49 points, or 1.33%, to 1,860.70. For the week, the KOSPI gained 7.84%.

** Foreigners were net sellers of 76.7 billion won ($63.02 million) worth of shares on the main board, extending the selloff to a 27th straight session. They sold around 13.9 trillion won ($11.42 billion) during the period.

** The U.S. Federal Reserve on Thursday announced a broad, $2.3 trillion effort to bolster local governments and small and mid-sized businesses to keep the economy intact as the country battles the coronavirus pandemic.

** Stock prices gained as credit indicators stabilised after the Fed’s announcement of its additional stimulus packages, said Seo Jung-hun, an analyst at Samsung Securities.

** South Korea reported 27 new coronavirus cases on Friday, bringing the national tally to 10,450.

** KB Financial Group Inc has signed a share purchase agreement to buy a 100% stake in Prudential Financial Inc’s South Korean unit for 2.3 trillion won ($1.89 billion), the group said in a filing on Friday.

** The won closed trading at 1,208.8 per dollar on the onshore settlement platform, 0.89% higher than its previous close at 1,219.5.

** In offshore trading, the won was quoted at 1,208.9 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,207.9.

** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.40%. Japanese stocks rose 0.79%.

** The KOSPI still has fallen 15.33% so far this year and lost 10.6% in the previous 30 trading sessions.

** The trading volume during the session in the KOSPI index was 981.19 million shares. Of the total traded issues of 897, the number of advancing shares was 442.

** The won has lost 4.3% against the dollar so far this year.

** In money and debt markets, June futures on three-year treasury bonds rose 0.08 points to 111.70.

** The most liquid 3-year Korean treasury bond yield fell by 0.8 basis points to 0.973%, while the benchmark 10-year yield rose by 0.9 basis points to 1.444%. ($1 = 1,217.1700 won) (Reporting by Jihoon Lee; Editing by Arun Koyyur)

Source: Read Full Article