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S.Korean shares drop nearly 2% as growth concerns resurface

* KOSPI falls nearly 2, snapping 3-day rise * Korean won weakens against U.S. dollar * South Korea benchmark bond yield edges up SEOUL, June 29 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares fell nearly 2% on Wednesday, snapping a three-session gaining streak, as concerns of economic slowdown from high inflation and monetary tightening resurfaced. The won weakened, while the benchmark bond yield edged higher. ** The benchmark KOSPI was down 41.63 points, or 1.72%, at 2,380.46 by 0118 GMT, after falling as much as 1.92% in early trade. ** Worries of "stagflation," which had been rather indirect until recently, solidified as economic indicators such as U.S. consumer confidence showed signs of a slowdown, said Bookook Securities' analyst Lee Won. ** Both in the United States and South Korea, consumer confidence fell sharply in June amid worries about high inflation. ** Among heavyweights, technology giant Samsung Electronics and peer SK Hynix fell 1.85% and 2.10%, respectively, tracking a sharp drop of the Philadelphia Semiconductor Index overnight. ** LG Energy Solution lost 4.14% after the battery maker said it will re-evaluate its investment plan for a standalone Arizona battery factory due to the current U.S. economic environment. ** Of the total traded issues of 923 on the benchmark KOSPI, 181 shares advanced. ** Foreigners were net sellers of 57.7 billion won ($44.69 million) worth of shares on the main board. ** The won was quoted at 1,291.6 per dollar on the onshore settlement platform , down 0.63%. ** In offshore trading, the won was quoted up 0.1%, while in non-deliverable forward trading, its one-month contract was quoted at 1,290.3. ** In money and debt markets, September futures on three-year treasury bonds fell 0.02 point to 103.36. ** The most liquid 3-year Korean treasury bond yield rose by 3.2 basis points to 3.571%, while the benchmark 10-year yield rose by 1.1 basis points to 3.675%. ($1 = 1,291.0800 won) (Reporting by Jihoon Lee; editing by Uttaresh.V) ((jihoon.lee@thomsonreuters.com;)) Keywords: SOUTHKOREA MARKETS/MIDDAY The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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