South Korean shares end turbulent week flat as banking worries ease

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 rises

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For the midday report, please click SEOUL, March 17 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares rose on Friday as rescue measures helped ease investor worries about global banking turmoil, ending the turbulent week with a marginal gain.


** The Korean won strengthened and posted the best week in two months, while the benchmark bond yield rose.
** The benchmark KOSPI closed up 17.78 points, or 0.75%, at 2,395.69. It ended the week 0.05% higher, rebounding from a more-than-two-month low hit earlier the week.


** The finance-major index rose 0.80% and the securities-minor index climbed 0.89%. However, they ended the week down 2% and 2.81%, respectively.
** Large U.S. banks injected $30 billion in deposits into First Republic Bank on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-sized U.S. lenders over the past week.
** "Market expectations on U.S. monetary policy stabilised from recent days' sharp changes," said Lee Kyoung-min, an analyst at Daishin Securities.
** Leading the gains, chipmaker Samsung Electronics rose 2.34% and peer SK Hynix jumped 6.33%.
** Battery maker LG Energy Solution slumped 3.99% and parent LG Chem ended down 3.84%. Peers Samsung SDI and SK Innovation fell 2.44% and 0.80%, respectively.


** Of the total 933 issues traded, 674 shares advanced.
** Foreigners were net buyers of shares worth 76.1 billion won ($58.33 million).


** The won ended onshore trade at 1,302.2 per dollar, 0.83% higher than its previous close at 1,313.0.


** For the week, the won strengthened 1.69% against the dollar, the best weekly performance in two months.
** In money and debt markets, March futures on three-year treasury bonds ended unchanged at 104.46.
** The most liquid three-year Korean treasury bond yield rose by 1.5 basis points to 3.407%, while the benchmark 10-year yield inched up 0.6 basis points to 3.398%. ($1 = 1,304.6500 won) (Reporting by Jihoon Lee; Editing by Janane Venkatraman)

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