South Korean shares start week higher as platform stocks jump

Kitco Media
By Reuters
Published:
Updated:
Reuters



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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


SEOUL, March 6 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares started the week higher on Monday, helped by Wall Street's rally in the previous session, with online platform service stocks leading the gains. The Korean won strengthened, while the benchmark bond yield fell.
** The benchmark KOSPI rose 12.38 points, or 0.50%, to 2,444.45 as of 0143 GMT.
** "The market is nearing the end of a stronger monetary policy tightening phase," said Seo Jung-hun, an analyst at Samsung Securities.


** South Korea's consumer prices for February grew at their slowest pace in 10 months, bolstering views that the central bank is done with its current policy tightening cycle after it held rates steady last month.
** South Korea's pension fund will collaborate with foreign exchange authorities when needed to help stabilise the market, including a re-establishment of its currency swap line with the central bank, its chairman said.
** Instant messenger Kakao jumped 3.11% and search engine Naver rose 2.92%, tracking U.S. tech companies' gains on Wall Street last Friday.
** Technology giant Samsung Electronics rose 0.83%, peer SK Hynix gained 1.15% and battery maker LG Energy Solution climbed 0.93%.
** Still, just 334 shares rose among 931 traded issues.


** Foreigners were net buyers of shares worth 62.2 billion won ($47.89 million).


** The won was quoted at 1,299.6 per dollar on the onshore settlement platform , 0.15% higher than its previous close at 1,301.6.


** In money and debt markets, March futures on three-year treasury bonds rose 0.16 points to 103.41.
** The most liquid three-year Korean treasury bond yield fell by 5.2 basis points (bps) to 3.740%, while the benchmark 10-year yield fell by 6.7 (bps) to 3.710%. ($1 = 1,298.9000 won) (Reporting by Jihoon Lee; Editing by Janane Venkatraman)

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