S.Korea shares rise as pharma stocks shine on virus treatment hopes, drop in new cases

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

    SEOUL, Aug 24 (Reuters) - Round-up of South Korean financial
    ** South Korean shares rose on Monday, led by gains in
pharmaceutical stocks, after the U.S. drug regulator authorised
the use of blood plasma for COVID-19 treatment, and as new
domestic cases slowed. Both the won and the benchmark bond yield
    ** By 0201 GMT, the benchmark KOSPI         rose 17.52
points, or 0.76%, to 2,322.11.
    ** The sub-index for pharmaceutical sector         rose
1.9%, after the U.S. Food & Drug Administration on Sunday
authorised the use of blood plasma from patients who have
recovered from COVID-19 as a treatment for the disease.
    ** South Korea reported 266 new infections on Monday, down
from 397 on Sunday, bringing the national tally to 17,655 with
309 deaths.             
    ** South Korea's central bank chief said the bank would
maintain its accommodative monetary policy as a recent surge in
infections will likely weaken the country's economic recovery.
The bank will hold its monetary policy meeting on Thursday.
    ** "This week, the market is focused on the Bank of Korea's
revised economic projection and the U.S. Federal Reserve Chair
Jerome Powell's remarks at the Jackson Hole symposium," said Seo
Sang-young, analyst at Kiwoom Securities.
    ** Foreigners were net buyers of 114.3 billion won ($96.11
million) worth of shares on the main board.
    ** The won was quoted at 1,189.1 per dollar on the onshore
settlement platform           , 0.24% lower than its previous
close at 1,186.3.
    ** In offshore trading, the won        was quoted at 1,189.1
per dollar, up 0.2% from the previous day, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,188.1.
    ** MSCI's broadest index of Asia-Pacific shares outside
Japan                 was up 1.02%.
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.05 points to 112.12.
    ** The most liquid 3-year Korean treasury bond yield fell by
1.2 basis points to 0.842%, while the benchmark 10-year yield
fell by 1.3 basis points to 1.397%.
    ($1 = 1,189.2300 won)

 (Reporting by Joori Roh; Editing by Rashmi Aich)

Source: Read Full Article