S.Korea stocks jump over 1% on hopes of trade deal progress, slowing virus cases

    * KOSPI rises, foreigners net buyers
    * Korean won strengthens against U.S. dollar
    * South Korea benchmark bond yield rises

    SEOUL, Aug 25 (Reuters) - Round-up of South Korean financial
markets:
    
    ** South Korean shares jumped as much as 1.6% on Tuesday, as
constructive U.S.-China dialogue over the trade deal boosted
risk appetite, while domestic daily infections slowing from the
peak also supported the sentiment. Both the won and the
benchmark bond yield rose.
    
    ** By 0238 GMT, the benchmark KOSPI         rose 34.81
points, or 1.49%, to 2,364.64.
    
    ** Top U.S. and Chinese officials, who spoke by phone on
Monday, see progress on resolving issues over the Phase 1 trade
deal reached in January and both sides are committed to the
success of the agreement, the U.S. Trade Representative's Office
said.             
    
    ** South Korea reported 280 new infections new coronavirus
cases as of midnight Monday, down from a peak of 397 reported on
Sunday, bringing the country's total to 17,945 with 310 deaths.
            
    
    ** But the country on Tuesday ordered most schools in Seoul
and surrounding areas to close and move classes back online, as
it continued to report triple-digit daily increases for nearly
two weeks.
    
    ** Foreign buying strengthened after reports of U.S.-China
talks, said Seo Jung-hun, an analyst at Samsung Securities.
    
    ** Foreigners were net buyers of 89.4 billion won ($75.37
million) worth of shares on the main board.
    
    ** The won was quoted at 1,186.1 per dollar on the onshore
settlement platform           , 0.25% higher than its previous
close at 1,189.1.
    
    ** In offshore trading, the won        was quoted at 1,186.0
per dollar, up 0.2% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,185.4.
    
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.01 points to 112.18.
    
    ** The most liquid 3-year Korean treasury bond yield rose by
0.1 basis points to 0.825%, while the benchmark 10-year yield
rose by 1.4 basis points to 1.391%.

($1 = 1,186.1500 won)

 (Reporting by Joori Roh; Editing by Rashmi Aich)
  

Source: Read Full Article