off-the-wire

South Korean shares climb 1% as worries over global banking crisis ease

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI rises, foreigners net sellers

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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 28 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares rose 1% on Tuesday to their highest in three weeks as worries over global banking troubles eased after an acquisition deal for U.S.-based Silicon Valley Bank (SVB). The Korean won strengthened, while the benchmark bond yield rose.
** The benchmark KOSPI ended up 25.72 points, or 1.07%, at 2,434.94, hitting its highest closing level since March 7.


** U.S. regulators said on Monday they would backstop a deal by regional lender First Citizens BancShares to acquire SVB.
** "The market rose with worries easing over the banking issue, but it is still an ongoing one and must be carefully watched," said Mirae Asset Securities' analyst Seo Sang-young.
** Chipmakers were leading gainers among the index heavyweights, with Samsung Electronics and SK Hynix up 1.29% and 3.39%, respectively.


** The Korea Exchange Bank Equity Index gained 2.32%, while the Finance-major Index and the Securities-minor Index added 1.46% and 0.83% each.


** LG Display jumped 8.90% after it secured a 1 trillion won ($769.9 million) loan from LG Electronics to reinforce competitiveness in its OLED business.


** Of the total 933 issues traded, 690 shares rose.
** Foreigners were net sellers of shares worth 43.4 billion won.


** The won ended onshore trade at 1,298.8 per dollar, 0.21% higher than its previous close at 1,301.5.


** In money and debt markets, June futures on three-year treasury bonds fell 0.11 points to 104.98.
** The most liquid three-year Korean treasury bond yield rose by 4.7 basis points (bps) to 3.265%, while the benchmark 10-year yield rose by 2.8 bps to 3.285%. ($1 = 1,299.2600 won) ($1 = 1,298.9400 won) (Reporting by Jihoon Lee; Editing by Sonia Cheema)

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