S.Korea stocks slip as Wall St tech rout deepens

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

    SEOUL, Sept 9 (Reuters) - Round-up of South Korean financial
    ** South Korean shares slid on Wednesday, tracking an
overnight selloff in high-flying tech stocks on Wall Street and
on increased volatility ahead of the expiration of futures and
options contracts. The won and benchmark bond yield weakened.
    ** By 0149 GMT, the benchmark KOSPI         dropped 17.93
points, or 0.75%, to 2,383.98, set to snap a two-day winning
streak on a Samsung-led tech rally.
    ** Wall Street's tech-and-stimulus-led rally halted last
week with the Nasdaq falling as much as 9.9% from its record
closing high as investors booked profits after a run that
boosted the index about 70% from its pandemic-lows.
    ** South Korea reported 156 new coronavirus cases as of
Tuesday midnight, more than the previous day, but much slower
than the peak last month, as the government's unprecedented
social distancing rules took effect.             
    ** Investors appeared to have shrugged off data that showed
the country's unemployment rate dropped last month by the
sharpest monthly decline since 1999 as more people stopped
looking for work amid the coronavirus crisis and floods.
    ** "(KOSPI) is falling in the aftermath of the plunge in
U.S. stocks ... Volatility may increase further in the afternoon
session ahead of the expiry of KOSPI futures and options
contracts tomorrow," said Kiwoom Securities' analyst Seo
    ** Foreigners were net sellers of 36.9 billion won ($31.02
million) worth of shares on the main board.
    ** The won was quoted at 1,190.3 per dollar on the onshore
settlement platform           , 0.33% lower than its previous
close at 1,186.4.
    ** In offshore trading, the won        was quoted at 1,189.8
per dollar, unchanged from the previous session, while in
non-deliverable forward trading its one-month contract
              was quoted at 1,189.7.
    ** MSCI's broadest index of Asia-Pacific shares outside
Japan                 was down 0.33%.
    ** In money and debt markets, September futures on
three-year treasury bonds         rose 0.11 points to 111.89.
    ** The most liquid 3-year Korean treasury bond yield fell by
3.9 basis points to 0.911%, while the benchmark 10-year yield
fell by 4.8 basis points to 1.508%.

    ($1 = 1,189.6900 won)

 (Reporting by Joori Roh, Editing by Sherry Jacob-Phillips)

Source: Read Full Article