South Korean shares flat on US policy, bond market caution
- KOSPI rises, foreigners net sellers
- Korean won strengthens against dollar
- South Korea benchmark bond yield rises
SEOUL, May 23 (Reuters) - Round-up of South Korean financial markets:
South Korean shares were flat on Friday, weighed by caution over U.S. President Donald Trump's tax-cut bill and remarks from a South Korean minister that officials are monitoring the domestic impact of U.S. bond market volatility.
The benchmark KOSPI .KS11 held its ground at 2,593.97, as of 0214 GMT.
U.S. stocks closed a choppy session little changed on Thursday, erasing initial declines as Treasury yields eased off recent highs after the House of Representatives passed Trump's tax and spending bill. .N
South Korea pledged on Wednesday more support measures for key export industries such as biopharmaceuticals and autos, as Trump's sweeping tariffs weigh on the trade-reliant economy.
Acting Finance Minister Kim Beom-seok said on Friday that authorities plan to closely monitor domestic market impact from heightened volatility in the Unites States and Japan bond markets.
Among index heavyweights, South Korean chipmaker Samsung Electronics 005930.KS fell 0.18%, while peer SK Hynix 000660.KS gained 1.22%. Battery maker LG Energy Solution 373220.KS slid 2.37%.
Shares of Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 1.43% and 1.79%, respectively. Steelmaker POSCO Holdings 005490.KS shed 1.68% and drugmaker Samsung BioLogics 207940.KS fell 3.15%.
Of the total 937 traded issues, 510 shares advanced, while 387 declined.
Foreigners were net sellers of shares worth 39.6 billion won ($28.77 million).
The won was quoted at 1,376.8 per dollar on the onshore settlement platform KRW=KFTC, 0.43% higher than its previous close at 1,382.7.
In money and debt markets, June futures on three-year treasury bonds KTBc1 lost 0.03 point to 107.55.
The most liquid three-year Korean treasury bond yield KR3YT=RR was flat at 2.336%, while the benchmark 10-year yield KR10YT=RR rose by 2.2 basis points to 2.766%.
($1 = 1,376.6000 won)
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