off-the-wire

South Korean shares tread lower, earnings in focus

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI down marginally, foreigners net buyers

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Korean won strengthens against dollar

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South Korea benchmark bond yield rises


SEOUL, April 25 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares traded marginally lower on Tuesday, declining for the fourth straight session, as investors awaited the earnings of local manufacturers as well as big tech companies in the United States.


** The Korean won strengthened and the benchmark bond yield rose slightly after GDP data that came in slightly above expectations.
** The benchmark KOSPI was down 2.68 points, or 0.11%, at 2,520.82, as of 0130 GMT.


** South Korea's heavily trade-reliant economy barely averted a recession, posting slim growth in the first quarter, but the outlook remained clouded by weak exports due to a cooling global economy in spite of China's reopening.
** Major chipmakers and automakers in South Korea are due to report their first-quarter results this week.


** "GDP data had little impact on the market, which will unlikely improve going forward amid weakening exports and sluggish domestic demand," said Seo Sang-young, analyst at Mirae Asset Securities.
** Small-cap content producer stocks rallied after global platform giant Netflix Inc announced a $2.5 billion investment plan to produce South Korean TV series, movies and scripted shows, following a meeting between President Yoon Suk Yeol and Netflix co-CEO Ted Sarandos.
** Aerospace stocks jumped, with Hanwha Aerospace up 4.14% and Korea Aerospace up 3.64%. Yoon is also scheduled to visit NASA during his trip.


** Among the index heavyweights, chipmakers, battery makers, online service providers and biopharmaceutical stocks fell, but automakers gained.
** Of the total 932 issues traded, 372 shares rose.
** Foreigners were net buyers of shares worth 31.1 billion won ($23.4 million).


** The won was quoted at 1,331.5 per dollar on the onshore settlement platform , 0.25% higher than its previous close.
** In money and debt markets, June futures on three-year treasury bonds fell 0.04 point to 105.03.
** The most liquid three-year Korean treasury bond yield rose by 1.7 (bps) to 3.247%, while the benchmark 10-year yield rose by 1.0 bps to 3.316%. ($1 = 1,331.4800 won) (Reporting by Jihoon Lee; Editing by Sonia Cheema)

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