South Korean won, bond yields weaken on surprise rate cut
KOSPI rises, foreigners net sellers
Korean won weakens against dollar
South Korea benchmark bond yield falls
SEOUL, Nov 28 (Reuters) -Round-up of South Korean financial markets:
** South Korea's won currency and treasury bond yields weakened as the country's central bank cut interest rates for the second meeting in a row, bucking market expectations, while stocks gained.
** The won was quoted at 1,395.5 per dollar on the onshore settlement platform KRW=KFTC, 0.19% lower than its previous close at 1,392.8, after hitting a session's high of 1,391.0, as of 0107 GMT.
** The won rose to as high as 1,391.0 earlier in the session, but reversed course soon after the rate cut and fell to as low as 1,396.3.
** The Bank of Korea cut benchmark interest rates for a second straight meeting in a surprise move, as the economy stalled and inflation slowed more than policymakers predicted.
** It was the first time since 2009 the central bank cut interest rates for two consecutive meetings.
** The bank also lowered its forecasts for economic growth and inflation.
** The most liquid three-year Korean treasury bond yield KR3YT=RR fell by 4.4 basis points to 2.711%, while the benchmark 10-year yield KR10YT=RR fell by 3.3 basis points to 2.856%.
** Policy-sensitive three-year treasury bond futures KTBc1 rose as much as 0.23 points to 106.64 after the rate decision.
** In the stock market, the benchmark KOSPI .KS11 was up 6.08 points, or 0.24%, at 2,509.14.
** Among index heavyweights, chipmaker Samsung Electronics 005930.KS fell 0.53% and peer SK Hynix 000660.KS lost 2.38%, while battery maker LG Energy Solution 373220.KS climbed 0.12%.
** Of the total 935 traded issues, 537 shares advanced, while 310 declined.
** Foreigners were net sellers of shares worth 140.2 billion won ($100.50 million).
($1 = 1,395.0700 won)
Reporting by Jihoon Lee; Editing by Rashmi Aich
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