2022.08.03 15:12

S.Korean shares end at seven-week high on easing Sino-U.S. worries

KOSPI rises, foreigners net buyers

  • KOSPI rises, foreigners net buyers

  • Korean won weakens against U.S. dollar

  • South Korea benchmark bond yield rises

  • For the midday report, please click

SEOUL, Aug 3 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares ended at a more than seven-week high on Wednesday on gains in internet-sector stocks and strong foreign inflows, helped by easing concerns about Sino-U.S. tensions over a top U.S. diplomat’s visit to Taiwan. The won weakened, while the benchmark bond yield rose.

** The benchmark KOSPI (.KS11) ended up 21.83 points, or 0.89%, at 2,461.45, its highest closing level since June 14.

** U.S. House of Representatives Speaker Nancy Pelosi was on a trip to Taiwan, visiting its parliament and chip manufacturing companies that had invoked China’s military actions, unnerving investors.

** The market could avoid the worst scenario with China’s responses limited at Taiwan and Pelosi’s remarks turning out to be not so much concerning, said Mirae Asset Securities analyst Seo Sang-young.

** Among the heavyweights, technology giant Samsung Electronics (005930.KS) fell 0.65%, while peer SK Hynix

(000660.KS) and battery maker LG Energy Solution (373220.KS) rose 1.04% and 4.80%, respectively.

** Leading the gains, internet platform operators Naver

(035420.KS) and Kakao (035720.KS) advanced 3.86% and 5.85%, respectively. Kakaopay (377300.KS) and Kakaobank (323410.KS) also advanced 5.42% and 3.46%, each.

** Foreigners were net buyers for a fifth straight session, buying shares worth 474.4 billion won ($361.92 million), in their longest purchasing rally since early January.

** The won was last quoted at 1,310.3 per dollar on the onshore settlement platform (KRW=KFTC) , 0.43% lower than its previous close.

** In offshore trading, the won (KRW=) was quoted up 0.1% at 1,310.8 per dollar, while in non-deliverable forward trading its one-month contract (KRW1MNDFOR=) was quoted at 1,309.8.

** In money and debt markets, September futures on three-year treasury bonds (KTBc1) fell 0.20 point to 105.36 in late afternoon trade.

** The most liquid 3-year Korean treasury bond yield rose by 4.5 basis points to 3.067%, while the benchmark 10-year yield rose by 3.3 basis points to 3.132%. ($1 = 1,310.7700 won)

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