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(Seoul=Yonhap Infomax) Hyun Woo Roh – South Korean government bond futures edged higher in early trading on the 24th, buoyed by a modest decline in US Treasury yields during the previous session.
The drop in US yields was attributed to dovish remarks from John Williams, President of the Federal Reserve Bank of New York, which provided support for bond prices.
According to the Seoul bond market, as of 09:09 AM KST, the three-year government bond futures were up 5 ticks at 105.95. Foreign investors were net sellers of 624 contracts, while financial investment firms were net buyers of 609 contracts.
The ten-year government bond futures rose 8 ticks to 114.45. Foreign investors sold approximately 1,000 contracts, while banks purchased around 400 contracts.
A bond dealer at a securities firm commented, "The market is closely monitoring movements in the foreign exchange rate and equities," adding, "Caution is likely to persist ahead of the Monetary Policy Board meeting later this week."
On the 21st, President Williams stated at the Central Bank of Chile's centennial conference in Santiago, "I still see the possibility of further adjustments to the target range for the federal funds rate (FFR) in the near term to bring policy closer to a neutral stance."
hwroh3@yna.co.kr
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