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KOSPI rises, foreigners net buyers
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Korean won strengthens against dollar
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South Korea benchmark bond yield falls
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For the midday report, please click SEOUL, Feb 2 (Reuters) - Round-up of South Korean
financial markets:
** South Korean shares rose for a second straight session on
Thursday, as investors took U.S. Federal Reserve Chair Jerome
Powell's remarks as dovish and hoped that the tightening would
now be closer to an end than before.
** The Korean won jumped to its highest level in nearly ten
months, while the benchmark bond yield fell.
** The benchmark KOSPI ended up 19.08 points, or
0.70%, at 2,468.88, building on its 1.02% gain in the previous
session.
** The Fed said it had turned a key corner in the fight
against high inflation, but that "victory" would still require
its benchmark overnight rate to be increased further and remain
elevated at least through 2023.
** "Investors' focus turned from when the peak would be for
the Fed's tightening cycle to when the end would be," said Park
Kwang-nam, an analyst at Mirae Asset Securities.
** Technology giant Samsung Electronics rose
2.75%, peer SK Hynix gained 2.19%, and battery maker
LG Energy Solution added 2.11%.
** Search engine Naver rose 2.92% and instant
messenger Kakao jumped 3.70%, helped by a surge in
Meta Platforms , a U.S. platform giant.
** Of the total 934 issues traded, 607 shares advanced.
** Foreigners were net buyers of shares worth 554.9 billion
won ($454.14 million).
** The won ended onshore trade 0.90% higher at 1,220.3 per dollar, after touching the highest level since April 5, 2022 at 1,216.4.
** In money and debt markets, March futures on three-year
treasury bonds rose 0.19 point to 105.10.
** The most liquid three-year Korean treasury bond yield
fell by 8.2 basis points to 3.181%, while the benchmark 10-year
yield fell by 3.2 basis points to 3.207%.
($1 = 1,221.8700 won)
(Reporting by Jihoon Lee; editing by Uttaresh.V)
