PHOTO
A currency dealer, wearing a mask to avoid the spread of the coronavirus disease (COVID-19), works in front of electronic boards showing the exchange rate between the U.S. dollar and South Korean won, at a bank in Seoul, South Korea, September 10, 2020. Kim Hong-Ji, Reuters
Round-up of South Korean financial markets:
** South Korean shares fell on Tuesday, as investors booked profits from the previous session's sharp gains after U.S. data suggested slowing demand.
** The won cut early gains to end little changed, while the benchmark bond yield fell.
** The benchmark KOSPI closed down 20.42 points, or 0.76%, at 2,662.10, after posting on Monday a gain of 1.7%, which was the biggest in nearly a month.
** U.S. manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years, manufacturing purchasing managers index (PMI) data showed on Monday.
** "The market went through correction following sharp gains in the previous session," said Na Jeong-hwan, an analyst at NH Investment Securities.
** U.S. PMI raised hopes around prospects of the Federal Reserve's interest rate cuts, but at the same time, as a leading indicator, it raised some concerns about South Korea's exports, Na said.
** South Korea's consumer inflation slowed to a 10-month low, data showed, coming in lower than market expectations.
** Among index heavyweights, chipmaker Samsung Electronics fell 0.53% and peer SK Hynix lost 0.46%, but battery maker LG Energy Solution climbed 1.36%.
** Hyundai Motor shed 2.26% and sister automaker Kia Corp lost 1.41%, while the Finance-Major Index dropped 2.34%.
** Growth stocks advanced. Search engine Naver rose 2.37% and instant messenger Kakao gained 0.68%, while biopharmaceutical stocks of Samsung Biologics and Celltrion climbed 0.13% and 5.08%, respectively.
** Foreigners were net sellers of shares worth 211.9 billion won ($153.8 million).
** The won ended onshore trade at 1,376.0 per dollar, retreating from the session high of 1,371.7 and little changed from its previous close at 1,376.1.
** The most liquid three-year Korean treasury bond yield fell by 5.1 basis points to 3.386%, while the benchmark 10-year yield fell by 7.5 basis points to 3.469%. ($1 = 1,377.6900 won) (Reporting by Jihoon Lee)