S.Korea stocks end over 1% lower on Wall Street tech plunge

* KOSPI falls, foreigners net sellers

* Korean won weakens against U.S. dollar

* South Korea’s benchmark bond yield rises

* For the midday report, please click

SEOUL, Sept 4 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares dropped on Friday, tracking losses in wider Asian stock markets after a selloff in U.S. technology stocks overnight hurt risk appetite. The Korean won weakened, while the benchmark bond yield rose. ** By 06:32 GMT, the benchmark KOSPI fell 27.65 points, or 1.15%, to 2,368.25. The KOSPI ended the week 0.61% higher, its second straight week of gains. ** Foreigners were net sellers of 466.9 billion won worth of shares on the main board.

** It was about time for big U.S. tech stocks to undergo corrections, and investors are waiting for China trade data and other economic indicators next week to see if there should be a bigger selloff, said Na Jeong-hwan, an analyst at DS Investment & Securities. ** Samsung SDI and Samsung Electronics dropped 2.98% and 1.42%, respectively, while LG Electronics declined 1.98%.

** Asiana Airlines ended 5.3% lower after reports said HDC Hyundai Development Co’s planned takeover of the airline has fallen through.

** Meanwhile, doctors in South Korea agreed to end a two-week strike which had hindered efforts to curb a new wave of coronavirus infections, Prime Minister Chung Sye-kyun said.

** The won was quoted at 1,189.6 per dollar on the onshore settlement platform, 0.11% lower than its previous close at 1,188.3. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.72%. ** The KOSPI has risen 7.76% so far this year, and gained 7.5% in the previous 30 trading sessions. ** The trading volume during the session in the KOSPI index was 1,335.62 million shares. Of the total traded issues of 902, the number of advancing shares was 199. ** The won has lost 2.8% against the dollar so far this year. (Reporting by Cynthia Kim and Jihoon Lee; Editing by Devika Syamnath)

Source: Read Full Article