Seoul: Stocks, won gain on improved global sentiment

[SEOUL] South Korea's KOSPI stock index climbed on Thursday, as global shares rallied amid improved prospects of economic recovery, while the won inched up and bond yields rose.

At 0630 GMT, the KOSPI was up 16.82 points or 0.69 per cent at 2,470.58, a fifth straight day of gains. Steel shares including POSCO and Hyundai Steel were up 4.4 per cent and 3.4 per cent, respectively, supporting the industry's 3.7 per cent rise.

The won was quoted at 1,069 per dollar on the onshore settlement platform, 0.16 per cent firmer than its previous close at 1,070.7.

In offshore trading, the won was quoted at 1,068.05 per US dollar, down 0.19 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,050.8 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.50 per cent, supported by sound economic fundamentals, while US stocks ended the previous session with mild gains. Japanese stocks rose 0.87 per cent.

The KOSPI is down around 0.6 per cent so far this year, and has fallen by 1.30 per cent in the previous 30 days. The current price-to-earnings ratio is 12.10, the dividend yield is 1.28 per cent and the market capitalisation is 1,242.04 trillion won.

The trading volume during the session on the KOSPI index was 466,498,000 shares and, of the total traded issues of 884, the number of advancing shares was 512. Foreigners were net buyers of 166,541 million won worth of shares.

The US dollar has risen 0.16 per cent against the won this year. The won's high for the year is 1,053.55 per dollar on April 2 while the low is 1,098.4 on Feb 6. In money and debt markets, June futures on three-year treasury bonds fell 0.04 points to 107.82. The Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, while the benchmark three-year Korean treasury bond yielded 2.22 per cent, higher than the previous day's 2.20 per cent.

REUTERS