KOSPI rises, foreigners net sellers
Korean won strengthens against dollar
South Korea benchmark bond yield falls
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SEOUL, – Round-up of South Korean financial markets:
** South Korean shares recouped early losses to close at a record high on Wednesday, underpinned by automakers and shipbuilders, as senior local officials head to Washington with hopes of a breakthrough in trade negotiations.
** The benchmark KOSPI ended the session up 59.84 points, or 1.56%, at 3,883.68. The index extended the rally for a sixth consecutive session and marked its highest closing level.
** Earlier in the session, the index fell as much as 0.77%.
** Senior South Korean officials will visit Washington later in the day for urgent discussions aimed at finalising a tariff deal, ahead of an Asia-Pacific summit later this month.
** “The KOSPI outperformed global stock markets. While there are no positive signs in the foreign exchange market yet, it is positive that officials are continuing with negotiations,” said Huh Jae-hwan, an analyst at Eugene Investment Securities.
** The Bank of Korea is expected to keep its key interest rate unchanged on Thursday for a third consecutive meeting, according to a Reuters poll.
** Shares of Hyundai Motor and sister automaker Kia Corp were up 1.75% and 1.99%, respectively.
** Shipbuilder Hanwha Ocean surged nearly 10% to the highest point in more than a decade, while peer HD Hyundai Heavy Industries rose 3.2%.
** South Korea’s trade minister Yeo Han-koo asked for a swift removal of sanctions against Hanwha Ocean’s U.S. subsidiaries in a phone call with his Chinese counterpart.
** LG Chem rallied 13%, its biggest daily gain in more than five years, after Palliser Capital urged the battery materials maker to take measures to boost shareholder value. Shares of battery maker LG Energy Solution climbed 4%.
** Foreigners were net sellers of shares worth 724.9 billion won .
** The won was quoted at 1,429.8 per dollar on the onshore settlement platform, 0.15% higher than its previous close at 1,432.0.
** The most liquid three-year Korean treasury bond yield fell 2.5 basis points to 2.583%, while the benchmark 10-year yield slipped 2.1 basis points to 2.882%.
This article was generated from an automated news agency feed without modifications to text.
