| | | OT -- comment on Korean stocks (esp chips, influenced by Micronreport)
S.Korea stocks rally lifted by chip giants; won up REUTERS 10:31 PM ET 3/20/2019
* KOSPI index up nearly 1 pct, foreigners net buyers * Korean won strengthens versus U.S. dollar * South Korea benchmark bond yield down SEOUL, March 21 (Reuters) - Round-up of South Korean financial markets:
** South Korea's KOSPI stock index jumped on Thursday as rallying chip giants lifted broader market, while policymakers are relieved following the dovish statement of U.S. Federal Reserve. The Korean won strengthened while the benchmark bond yield fell.
** As of 0213 GMT, the Seoul stock market's main index rose 19.79 points, or 0.91 percent, to 2,196.89. ** South Korea's finance ministry and top market regulator said they will cut the tax rate for stock trading this year in an effort to support domestic equity markets and startup firms. ** Shares of South Korea's chip giants surged as chip industry outlook improved following the conference call of U.S. chipmaker Micron Technology . Samsung Electronics rose nearly 5 percent while SK Hynix gained more than 7 percent.
** The top two KOSPI stocks are lifting the broader markets, while the influence of U.S. Federal Reserve's dovish stance is limited in local markets, said Seo Sang-young, an analyst at Kiwoom Securities. ** In response to Fed's overnight decision, South Korea's central bank chief said the U.S. Federal Reserve's decision to abandon projections for any interest rate hikes this year eased uncertainties for Korean policymakers.
** The U.S. Federal Reserve brought its three-year drive to tighten monetary policy to an abrupt end, abandoning projections for any interest rate hikes this year amid signs of an economic slowdown, and saying it would halt the steady decline of its balance sheet in September. ** Foreigners were net buyers of 279.3 billion won worth of shares on the main board.
** The won was quoted at 1,125.2 per dollar on the onshore settlement platform , 0.46 percent higher than its previous close at 1,130.4.
** In offshore trading, the won was quoted flat at 1,124.6 per U.S. dollar, while in one-year non-deliverable forward trading its one-month contract was quoted at 1,123.1 per dollar.
** MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.56 percent, after U.S. stocks rallied on dovish Fed statement. Japanese stock markets are closed for public holiday.
** The KOSPI has risen 7.72 percent so far this year, and fell 1.3 percent in the previous 30 trading sessions.
** The current price-to-earnings ratio is 12.10, the dividend yield is 1.28 percent and the market capitalisation is 1,242.04 trillion won.
** The trading volume during the session on the KOSPI index was 135.48 million shares and, of the total traded issues of 892, the number of advancing shares was 309.
** The won has lost 0.8 percent against the U.S dollar this year.
** In money and debt markets, June futures on three-year treasury bonds rose 0.09 points to 109.34, while the 3-month Certificate of Deposit rate was quoted at 1.90 percent.
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