S.Korea stocks fall for fifth day as U.S. yields rise, LGES IPO weighs

  • 1/19/2022
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KOSPI falls, foreigners net buyers Korean won weakens against U.S. dollar South Korea benchmark bond yield falls SEOUL, Jan 19 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares extended their selloff to a fifth session on Wednesday, as rising U.S. yields and rate hike bets sapped risk appetite, while markets remained volatile ahead of LG Energy Solution"s $10.8 billion initial public offering. ** Both the Korean won and the benchmark bond yield fell. ** By 0213 GMT, KOSPI (.KS11) dropped 3.14 points, or 0.11%, to 2,861.10, extending the declines to a fifth straight day, the longest losing streak since late November. It has fallen 3.91% so far this year. ** Among the heavyweights, Samsung Electronics (005930.KS) fell 0.65%, while LG Chem (051910.KS) and Naver (035420.KS) fell 2.59% and 1.63%, respectively. ** Battery maker LG Energy Solution"s public subscription for retail investors ends later on Wednesday, with investors placing bids worth more than 32 trillion won solely on Tuesday, after institutional investors placed bids that were valued at record $12.8 trillion. read more ** Benchmark U.S. Treasury yields jumped to two-year highs, with two-year Treasury yields rising above 1% for the first time since February 2020, as traders priced in a more hawkish Fed before the U.S. central bank"s policy meeting next week. ** Foreigners were net buyers of 36.3 billion won ($30.45 million) worth of shares on the main board. ** The won was quoted at 1,193.0 per dollar on the onshore settlement platform , 0.24% lower than its previous close. ** In offshore trading, the won was quoted at 1,191.3 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,192.2. ** In money and debt markets, March futures on three-year treasury bonds was unchanged at 108.13. ** The most liquid 3-year Korean treasury bond yield fell by 1.2 basis points to 2.115%, while the benchmark 10-year yield fell by 0.1 basis point to 2.552%. ($1 = 1,191.9800 won)

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