S.Korean shares rebound over 1% on global recovery, biopharmaceutical boost



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KOSPI rebounds from more than two-year low

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Korean won strengthens against dollar

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South Korea benchmark bond yield drops

SEOUL, Sept 29 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rebounded more than 1% on Thursday, led by biopharmaceutical stocks, as global markets took a pause after recent selloffs and authorities vowed to stabilise the local market. The won rose, while the benchmark bond yield dropped.

** The benchmark KOSPI .KS11 rose 35.53 points, or 1.64%, to 2,204.82 as of 0126 GMT, after ending at its lowest since July 10, 2020 on Wednesday.

** South Korean President promised to appropriately deal with economic shocks in one of the most direct indications about measures to stop the spread of a sense of panic in financial markets.

** The country's top financial regulatory agency said on Wednesday after market hours it was preparing to re-activate a stock market stabilisation fund.

** "The market reversed recent couple days' heavy losses on panic-selling," said Eugene Investment and Securities analyst Huh Jae-hwan, adding, the stabilisation fund might help prevent market confidence from falling apart.

** Among heavyweights, technology giant Samsung Electronics 005930.KS rose 0.38%, peer SK Hynix 000660.KS gained 1.23%, and battery maker LG Energy Solution 373220.KS jumped 3.11%. Nearly 800 shares advanced out of 929 traded issues.

** Biopharmaceutical stocks jumped, tracking Wall Street's upbeat mood led by Biogen Inc BIIB.O . Samsung Biologics 207940.KS rose 5.87% and Celltrion 068270.KS added 3.0%, while SK Bioscience 302440.KS advanced 1.96%.

** Foreigners bought shares worth 33.7 billion won ($23.57 million), turning net buyers for the first time in eight sessions.

** The won was quoted at 1,433.6 per dollar on the onshore settlement platform KRW=KFTC , 0.44% higher than its previous close. In offshore trading, the won KRW= was quoted down 0.4% at 1,429.8 per dollar.

** In money and debt markets, December futures on three-year treasury bonds KTBc1 rose 0.55 point to 101.95.

** The most liquid 3-year Korean treasury bond yield fell by 7.4 basis points to 4.142%, while the benchmark 10-year yield dropped by 14.7 basis points to 4.084%. ($1 = 1,429.5000 won)
Reporting by Jihoon Lee; Editing by Rashmi Aich

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