S.Korean stocks gain, led by large-caps; won calm

* Overall investors yet seem cautious about KOSPI -analyst
* Won steady; Fed chair Janet Yellen’s testimony eyed

SEOUL, July 11 (Reuters) – South Korean shares rose early on
Tuesday led by gains in large- cap shares, while investors
cautiously awaited second-quarter earnings guidance from other
companies.
The Korea Composite Stock Price Index (KOSPI) was up
0.4 percent at 2,391.71 points as of 0227 GMT.
Steelmaker Posco was up over 2 percent while web
portal Naver Corp climbed 2.5 percent.
However, overall trading seems to be slow as market
participants are still uncertain about how much the KOSPI could
gain in coming quarters, said Kim Hyung-ryeol, a stock analyst
at Kyobo Securities.
“Forecasts for sectors other than IT are not that
optimistic, making market participants think twice about
investing more.”
Offshore investors were poised to be net sellers, offloading
18.2 billion Korean won ($15.85 million) worth of KOSPI shares.
Advancers outnumbered decliners 417 to 367.
The South Korean won also tread water, awaiting
Federal Reserve chair Janet Yellen’s testimony in Congress on
Wednesday and Thursday.
The won edged up 0.1 percent at 1,148.9 against
the dollar versus previous close at 1,149.5.
September futures on three-year treasury bonds shed
0.02 point to 109.14.

0227 GMT Prev close
Dollar/won 1,148.9 1,149.5
Yen/won 10.0640/10 10.0699
*KTB futures 109.14 109.16
KOSPI 2,391.71 2,382.10
* Front-month futures on three-year treasury bonds

(Reporting by Dahee Kim; Editing by Sunil Nair)

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