Korea stocks slide on Omicron, US jobs data jitters

04-Dec-2021 Intellasia | Reuters | 5:02 AM Print This Post

Round-up of South Korean financial markets:

** South Korean shares slid on Friday as caution crept in after local coronavirus numbers rose to a new high this week while investors stayed away from big bets ahead of U.S payrolls data. The won weakened, while the benchmark bond yield rose.

** By 0213 GMT, the KOSPI (.KS11) was down 4.38 points, or 0.15%, at 2,940.89, following sharp gains in the previous two sessions. For the week, the benchmark edged up 0.2%.

** Chip giants Samsung Electronics (005930.KS) and SK Hynix (000660.KS) dropped 1.72 percent and 3.33%, respectively.

** The Omicron variant has spooked markets for about a week, hitting travel-related stocks particularly hard as a patchwork of new restrictions were enacted around the globe.

** South Korea reported 4,944 new coronavirus cases for Thursday, less than the record 5,266 cases reported a day earlier, but it strengthened distancing measures after six Omicron variant cases have been confirmed so far.

** Meanwhile, the parliament approved to increase next year’s budget by a net 3.3 trillion won to 607.7 trillion won ($516.42 billion) to support a swifter economic recovery and help those hit by the pandemic.

** The US payrolls report due later on Friday is closely monitored by investors worldwide as it could clear the path to earlier Federal Reserve interest rate hikes.

** On the main board, foreigners were net sellers of 29.9 billion won ($25.36 million) worth of shares.

** The won was quoted at 1,178.7 per dollar on the onshore settlement platform, 0.24 percent lower than its previous close.

** In offshore trading, the won was quoted at 1,178.9, while in non-deliverable forward trading its one-month contract was quoted at 1,179.4.

** In money and debt markets, December futures on three-year treasury bonds fell 0.07 points to 108.94.

** The most liquid 3-year Korean treasury bond yield rose by 4.3 basis points to 1.878%, while the benchmark 10-year yield rose by 0.1 basis points to 2.195%.

($1 = 1,179.0000 won)



Category: Korea

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