Seoul: Shares post biggest surge in 1 1/2 years as heavyweights shine
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SOUTH Korean shares posted their biggest jump since late February 2021 on Tuesday (Sep 13), buoyed by heavyweight chipmakers and Wall Street’s rally during domestic holidays. The won strengthened, while the benchmark bond yield rose.
The Kospi ended up 65.26 points or 2.74 per cent at 2,449.54.
In 1 day, the market priced in all of global market’s strong rebound seen over the holiday weekend, said Daishin Securities’ analyst Lee Kyoung-min, who expected the US inflation data to add to Kospi’s short-term gaining momentum.
South Korean financial markets were closed from last Friday through Monday to observe local Thanksgiving Chuseok holidays.
Focus is on the US inflation data for August, due later in the day, for clues on the Federal Reserve’s future monetary policy path.
South Korea’s exports shrank during Sep 1-10, data showed.
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Technology giant Samsung Electronics jumped 3.96 per cent and peer SK Hynix rose 3.43 per cent, their biggest surge in nearly 10 and 2 months, respectively.
Among other heavyweights, battery makers, internet platform operators and biopharmaceutical shares saw solid gains, while those of automakers were comparably limited with Hyundai Motor and Kia rising 0.25 per cent and 0.49 per cent each.
Foreigners were net buyers of shares worth 396.8 billion won (S$402.1 million), after 6 sessions of selling.
The won was last quoted at 1,373.6 per dollar on the onshore settlement platform, 0.52 per cent higher than its previous close.
In offshore trading, the won was quoted up 0.1 per cent at 1,373.9 per dollar, while in non-deliverable forward trading its 1-month contract was quoted at 1,372.4.
In money and debt markets, September futures on 3-year treasury bonds rose 0.05 point to 104.12.
The most liquid 3-year Korean treasury bond yield rose 0.8 basis point to 3.551 per cent, while the benchmark 10-year yield rose 2.3 basis points to 3.645 per cent. REUTERS
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