S.Korean shares drop to lowest since mid-2020 as recession fears grow
KOSPI falls, foreigners net sellers
Korean won weakens against U.S. dollar
South Korea benchmark bond yield rises
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SEOUL, Sept 26 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares dropped to the lowest in more than two years on Monday while the won posted its sharpest daily loss since March 2020, as fears of a global recession grew after Britain announced new tax cuts and huge increase in borrowing. ** The Korean won weakened, while the benchmark bond yield rose.
** The benchmark KOSPI .KS11 was down 69.06 points, or 3.02%, at 2,220.94, as of 0630 GMT, the lowest close since July 27, 2020.
** Among heavyweights, technology giant Samsung Electronics 005930.KS fell 1.10% and peer SK Hynix 000660.KS dropped 1.20%, while battery maker LG Energy Solution 373220.KS slipped 3.04%. ** Britain's new measures to support the economy as well as Italy's election results sparked worries about a further downturn in the global economy, said Park Gwang-nam, an analyst at Mirae Asset Securities.
** Britain's new finance minister, Kwasi Kwarteng, unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, sending the sterling and British government bonds into freefall.
** Oil prices plunged about 5% to an eight-month low on Friday as the U.S. dollar hit its strongest level in more than two decades and on fears rising interest rates will tip major economies into recession, cutting demand for oil.
** The trading volume during the session in the KOSPI index .KS11 was 611.40 million shares. Of the total traded issues of 931, the number of advancing shares was 34.
** Foreigners were net sellers of shares worth 5.9 billion won on the main board.
** The won was quoted at 1,431.3 per dollar on the onshore settlement platform KRW=KFTC , 1.54% lower than its previous close at 1,409.3.
** The most liquid 3-year Korean treasury bond yield rose by 31.0 basis points to 4.440%, while the benchmark 10-year yield rose by 18.6 basis points to 4.293%.
Reporting by Cynthia Kim; Additional reporting by Youn Ah Moon; Editing by Sherry Jacob-Phillips
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