off-the-wire

South Korean shares end over 1% higher as platform stocks lead

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

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For the midday report, please click SEOUL, March 6 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares rose for a fourth straight session on Monday to hit their highest in more than two weeks, with stocks of online platform services leading the gains. The Korean won strengthened, while the benchmark bond yield fell.
** The benchmark KOSPI ended up 30.54 points, or 1.20%, at 2,462.61, marking its highest close as well as biggest daily percentage rise since Feb. 16.
** "Risk sentiment improved along with U.S. Treasury yields falling and the dollar turning weaker," said Lee Kyoung-min, an analyst at Daishin Securities.


** South Korea's consumer inflation for February hit its 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.
** The chairman of South Korea's pension fund said it 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.
** Instant messenger Kakao jumped 4.26% and search engine Naver rose 4.38%, tracking U.S. tech companies' gains on Wall Street on Friday.
** Technology giant Samsung Electronics rose 1.65%, peer SK Hynix jumped 2.75%, and battery maker LG Energy Solution gained 1.67%.
** Of the total 933 issues traded, 437 shares advanced.
** Foreigners were net buyers of shares worth 322.3 billion won ($248.6 million).


** The won ended onshore trade at 1,296.9 per dollar, 0.36% higher than its previous close at 1,301.6.


** In money and debt markets, March futures on three-year treasury bonds rose 0.06 points to 103.31.
** The most liquid three-year Korean treasury bond yield fell by 1.7 basis points to 3.775%, while the benchmark 10-year yield fell by 4.2 basis points to 3.735%. ($1 = 1,296.2800 won) (Reporting by Jihoon Lee; Editing by Savio D'Souza)

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