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South Korea shares rise as several economies ease virus restrictions

South Korea shares

South Korean shares rose on Monday as several economies gradually re-opened, but gains were capped on concerns around US-China tensions

South Korean shares rose on Monday as several economies gradually re-opened, but gains were capped on concerns around tensions between the United States and China. The Korean won held steady and the benchmark bond yield rose.

The KOSPI rose 5.15 points, or 0.27%, to 1,932.43 as of 0200 GMT.

Stock market opened higher as economies re-opened, but Sino-U.S. tensions held gains in check, Samsung Securities’ analyst Seo Jung-hun said, adding that investors will track how the U.S.-China conflict over Huawei plays out this week.

Summer weather is enticing much of the world to emerge from coronavirus lockdowns as centres of the outbreak from New York to Italy and Spain gradually lift restrictions that have kept millions indoors for months.

China’s commerce ministry said on Sunday it is firmly opposed to the latest rules by the United States against Huawei and will take all necessary measures to safeguard Chinese firms’ rights and interests.

Meanwhile, South Korea, which eased social distancing rules on May 6, reported 15 new COVID-19 cases, bringing the national tally to 11,065.

Among shares, SK Hynix, the world’s No.2 memory chip maker after Samsung Electronics, fell as much as 3.3% after the U.S. on Friday moved to curb shipments of semiconductors to Huawei          from global chipmakers.

Foreigners were net sellers of 27.1 billion won ($22.02 million) worth of shares on the main board.

The won was quoted at 1,231.0 per dollar on the onshore settlement platform, steady from its previous close at 1,231.0.

In offshore trading, the won was quoted at 1,230.8 per dollar, up 0.2% from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,230.6.

The trading volume was 383.19 million shares. Of the total traded issues of 898, the number of advancing shares was 317.

In money and debt markets, June futures on three-year treasury bonds fell 0.04 point to 112.03.

The most liquid 3-year Korean treasury bond yield rose by 0.9 basis point to 0.885%, while the benchmark 10-year yield rose by 1.1 basis points to 1.395%.

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