Seoul: Stocks fall; won up

South Korean stocks opened lower on November 14 due to continued worries that long-promised U.S. corporate tax cuts may be delayed. The Korean won rose and bond yields rose. At 0632 GMT, the KOSPI was down 3.71 points or 0.15 per cent at 2,526.64.

The won was quoted at 1,117.49 per USA dollar, up 0.13 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,114.5 per dollar.

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The won was quoted at 1,118.1 per USA dollar on the onshore settlement platform, where it ended the previous session at 1,120.6. The currency finished trade at a two-week low.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.23 per cent, after USA stocks ended the previous session with mild gains. Japanese stocks weakened 1.32 percent. The trading volume during the session on the KOSPI index was 263,652,000 shares, and of the total traded issues of 872, the number of advancing shares was 375.

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"The tax income is expected to reach slightly more than 260 trillion won (US$232.5 billion) this year", Finance Minister Kim Dong-yeon said in a parliamentary session in Seoul. The yield on three-year Treasurys added 3.1 basis points to 2.211 percent, and the return on the benchmark five-year government bonds increased 3.2 basis points to 2.417 percent.

The Korean 3-month Certificate of Deposit benchmark rate was quoted at 1.41 percent compared with a previous close of 1.4 percent, while the benchmark 3-year Korean treasury bond yielded 2.184 percent, higher than the previous day's 2.16 percent.

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