The Business Times

Seoul: Shares end higher; mark fourth straight weekly loss

Published Thu, Sep 8, 2022 · 03:34 PM

South Korean shares closed higher on Thursday (Sep 8), rebounding from a 7-week low as the dollar’s strength took a pause, but the benchmark index posted a weekly loss. The Korean won strengthened, while the benchmark bond yield fell.

The Kospi ended up 7.82 points or 0.33 per cent at 2,384.28, rebounding from the previous session’s close at the lowest since Jul 19.

For the week, the Kospi shed 1.04 per cent, and marked a fourth consecutive weekly loss.

South Korea’s financial markets will be closed on Friday through next Monday for local holidays.

The local market’s rebounding momentum was weaker than its Asian peers, as investors took a cautious approach against uncertainties over the holiday weekend, said Lee Kyoung-min, analyst at Daishin Securities.

Among heavyweights, technology giant Samsung Electronics fell 0.71 per cent while peer SK Hynix ended flat.

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Battery maker LG Energy Solution fell 0.31 per cent, but its parent LG Chem jumped 3.37 per cent, while Samsung SDI and SK Innovation gained 3.07 per cent and 2.71 per cent, respectively.

Foreigners were net sellers of shares worth 651.4 billion won (S$661.9 million) on the main board. For the week, they sold 1.3 trillion won worth of shares, snapping a 9-week buying streak.

The won ended 0.25 per cent higher at 1,380.8 per dollar on the onshore settlement platform, after 5 sessions of losses to its weakest in more than 13 years.

The currency lost 1.32 per cent for the week, marking its fifth straight weekly loss.

In offshore trading, the won was quoted down 0.3 per cent, while in non-deliverable forward trading, its 1-month contract was quoted at 1,379.5.

In money and debt markets, September futures on 3-year treasury bonds jumped 0.39 point to 104.04 in late afternoon trade.

The most liquid 3-year Korean treasury bond yield dropped by 11.5 basis points to 3.57 per cent, while the benchmark 10-year yield fell by 8.1 basis points to 3.655 per cent. REUTERS

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