off-the-wire

South Korean shares rise 1% as chip, battery makers extend gains

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI rises, foreigners net buyers

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Korean won weakens against dollar

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South Korea benchmark bond yield rises


SEOUL, April 10 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares started the week 1% higher on Monday, as chipmakers and battery manufacturers extended gains.


** The Korean won weakened and the benchmark bond yield rose on robust employment data in the United States.
** The benchmark KOSPI rose 24.18 points, or 0.97%, to 2,514.59 as of 0139 GMT, its highest intraday level since mid-August.
** U.S. employers maintained a strong pace of hiring in March, data showed last Friday, increasing the likelihood of the Federal Reserve raising interest rates one more time next month.
** The Bank of Korea is expected to hold interest rates steady on Tuesday to support a rapidly slowing economy, according to a Reuters survey.
** "The stock market is focusing more on each industry issues than macroeconomic ones, with the semiconductor and battery sectors leading the benchmark index higher," said analyst Kim Seok-hwan at Mirae Asset Securities.
** Chipmakers Samsung Electronics and SK Hynix rose 1.23% and 2.36%, respectively, as investors cheered Samsung Electronics' decision on Friday to cut production.


** Battery maker LG Energy Solution jumped 2.24%, whose first-quarter profit likely jumped 145% over a year.


** Its parent LG Chem added 5.46%, while peers Samsung SDI and SK Innovation climbed 1.36% and 6.38% each.
** Including the heavyweight gainers, only 213 shares advanced among 930 traded issues.


** Foreigners were net buyers of shares worth 344.9 billion won ($260.83 million).


** The won was quoted at 1,322.0 per dollar on the onshore settlement platform , 0.40% lower than its previous close.


** In money and debt markets, June futures on three-year treasury bonds fell 0.10 point to 104.99.
** The most liquid three-year Korean treasury bond yield rose by 2.5 basis points (bps) to 3.265%, while the benchmark 10-year yield rose by 3.2 bps to 3.320%. ($1 = 1,322.3200 won) (Reporting by Jihoon Lee; Editing by Rashmi Aich)

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