South Korean shares pare early rise as Mideast conflict weighs

Reuters03-24
South Korean shares pare early rise as Mideast conflict weighs

KOSPI rises, foreigners net sellers

Korean won weakens against dollar

South Korea benchmark bond yield rises

SEOUL, March 24 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares pared early gains on Tuesday, as investors stayed cautious amid uncertainty over the Middle East conflict.

** The benchmark KOSPI .KS11 added 42.90 points, or 0.79%, to 5,448.65 as of 0143 GMT, after rising as much as 4.39% earlier.

** "It is desirable to refrain from responding aggressively because increased volatility will remain for some time due to geopolitical uncertainty," said Seo Sang-young, an analyst at Mirae Asset Securities.

** Tehran on Monday denied engaging in talks with Washington, after U.S. President Donald Trump postponed a threat to bomb Iran's power grid, citing what he called productive discussions with unnamed Iranian officials.

** South Korea will prepare an extra budget by month-end to support sectors hit by high oil prices during the Middle East war, Finance Minister Koo Yun-cheol said.

** Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 0.75% and peer SK Hynix 000660.KS gained 1.61%. Battery maker LG Energy Solution 373220.KS climbed 6.32%.

** Hyundai Motor 005380.KS and sister automaker Kia 000270.KS added 0.72% and lost 3.40%, respectively. Steelmaker POSCO Holdings 005490.KS advanced 2.31%, while drugmaker Samsung BioLogics 207940.KS firmed 0.26%.

** Of the total 923 traded issues, 554 advanced and 328 declined.

** Foreigners were net sellers of shares worth 624.3 billion won ($416.2 million).

** The won was quoted at 1,499.0 per dollar on the onshore settlement platform KRW=KFTC, 0.82% below Monday's close of 1,486.7.

** In the money and debt markets, June futures on three-year treasury bonds KTBc1 gained 0.17 point to 103.43.

** The most liquid three-year Korean treasury bond yield KR3YT=RR fell 3.6 basis points to 3.575%, while the benchmark 10-year yield KR10YT=RR rose 0.5 basis point to 3.855%.

($1 = 1,500.1000 won)

(Reporting by Jihoon Lee; Editing by Sumana Nandy)

((jihoon.lee@thomsonreuters.com;))

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