S.Korean shares drop as Sino-U.S. tension escalates over Hong Kong

    * KOSPI falls, foreigners net buyers
    * Korean won weakens versus U.S. dollar
    * South Korea benchmark bond yield falls

    SEOUL, May 28 (Reuters) - Round-up of South Korean financial
markets:
    
    ** South Korean shares fell on Thursday as escalating
tensions between China and the United States over Hong Kong
offset the central bank's move to cut rates to a record low. The
Korean won weakened, while the benchmark bond yield fell.
    
    ** As of 0421 GMT, the Seoul stock market's main KOSPI
        fell 22.62 points, or 1.11%, to 2,008.58, reversing from
its earlier gains as much as 1.15%.
    
    ** Stock prices fell, tracking Chinese shares, as investors
eyed the last session of China's annual parliamentary meeting
scheduled later today, said Kiwoom Securities' analyst Seo
Sang-young.
    
    ** U.S. Secretary of State Mike Pompeo told Congress on
Wednesday that Hong Kong no longer qualifies for its special
status under U.S. law, after China's plan for new security
legislation triggered protests in the territory.             
    
    ** China's National People's Congress is set to vote on the
draft law at the end of its annual session on Thursday.
            
    
    ** South Korea's central bank cut interest rates to a record
low on Thursday as it warned the COVID-19 pandemic would be
worse for Asia's fourth-largest economy than the 2008 global
financial crisis.             
    
    ** Shares of Samsung Electronics             and SK Hynix
            gained as much as 2.6% and 4.4% respectively, as
Micron Technology Inc        raised its third-quarter revenue
forecast on Wednesday, sending its shares about 3% higher.
            
    
    ** Foreigners were net buyers of 44.8 billion won ($36.09
million) worth of shares on the main board. 
    
    ** The won was quoted 0.49% lower at 1,240.5 per dollar on
the onshore settlement platform           .
    
    ** In offshore trading, the won        was quoted 0.2$ lower
at 1,241.2 per dollar, while in non-deliverable forward trading
its one-month contract               was quoted at 1,241.5.
    
     ** In money and debt markets, June futures on three-year
treasury bonds         rose 0.14 point to 112.24.
    
    ** The most liquid 3-year Korean treasury bond yield fell
by 6.7 basis points to 0.801%, while the benchmark 10-year yield
fell by 3.9 basis points to 1.306%.

($1 = 1,241.4300 won)

 (Reporting by Jihoon Lee; Editing by Ramakrishnan M.)
  

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