S.Korean shares flat ahead of China data, U.S. Fed chief testimony

SM Entertainment Co

07/03/2023 02:02

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      KOSPI flat, foreigners net buyers
    

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      Korean won weakens against dollar
    

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      South Korea benchmark bond yield falls
    

  
       SEOUL, March 7 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares traded flat on Tuesday, weighed down
by dominant chat app Kakao Corp, while investors took a cautious
approach ahead of China's trade data and comments by the chiefs
of the U.S. Federal Reserve and the Bank of Korea. 
    ** The Korean won weakened, while the benchmark bond yield
fell.
    ** The benchmark KOSPI  .KS11  held its ground at 2,463.59, 
as of 0113 GMT, trading in a narrow range of between -0.3% and
0.1%. 
    ** China likely again exported and imported less in
January-February than a year earlier, backing policymakers'
fears that a slowing global economy could drag on growth at
home, according to a Reuters poll.
    ** Investor focus was also on potential remarks by Bank of
Korea Governor Rhee Chang-yong as well as a Congressional
testimony by U.S. Fed's Jerome Powell later in the day.
    ** "U.S. stock market was volatile overnight and there is
caution that Powell may speak in a more hawkish tone," said Seo
Sang-young, an analyst at Mirae Asset Securities. 
    ** Heavyweight Kakao  035720.KS  dropped 3% after the
company and its subsidiary Kakao Entertainment said they are
tendering an offer to purchase up to 35% of K-pop agency SM
Entertainment, the latest in a battle with BTS-manager HYBE to
take over SM. 
    ** Shares of SM Entertainment  041510.KQ  jumped 15% to
scale a record high. 
    ** Technology giant Samsung Electronics  005930.KS  fell
0.65% and peer SK Hynix  000660.KS  lost 0.33%, but battery
maker LG Energy Solution  373220.KS  advanced 1.28%.
    ** Of the total 930 issues traded, only 321 shares gained.
    ** Foreigners were net buyers of shares worth 55.6 billion
won ($42.76 million). 
    ** The won was quoted at 1,299.6 per dollar on the onshore
settlement platform  KRW=KFTC , 0.21% lower than its previous
close at 1,296.9. 
    ** In money and debt markets, March futures on three-year
treasury bonds  KTBc1  fell 0.07 point to 103.27.
    ** The most liquid three-year Korean treasury bond yield
rose by 1.8 basis points to 3.800%, while the benchmark 10-year
yield fell 0.9 basis point to 3.732%.

     ($1 = 1,300.2800 won)

 (Reporting by Jihoon Lee; Editing by Sherry Jacob-Phillips)
 ((jihoon.lee@thomsonreuters.com;))