Seoul: Shares rise as firmer won lifts blue chips

SOUTH Korean shares rose on Tuesday (Nov 8), tracking Wall Street gains overnight, led by gains in heavyweight blue chip stocks ahead of US midterm elections and inflation data. The Korean won strengthened, while the benchmark bond yield fell.

The benchmark Kospi rose 27.25 points or 1.15 per cent to 2,399.04, as at 6.30 am GMT at close.

Among heavyweights, technology giant Samsung Electronics rose 2.66 per cent and peer SK Hynix gained 1.39 per cent, while battery maker LG Energy Solution advanced 0.17 per cent.

Foreign investors and institutional buyers snapped up blue chips including semiconductor shares as the won gained against the dollar ahead of US midterm elections, said Kim Seok-hwan, an analyst at Mirae Asset Securities.

The trading volume during the session was 492.77 million shares. Of the total 932 traded issues, 670 advanced.

Foreigners were net buyers of shares worth 273.8 billion won (S$277 million) on the main board.

The won was quoted at 1,384.9 per dollar on the onshore settlement platform, 1.18 per cent higher than its previous close at 1,401.2.

In offshore trading, the won was quoted at 1,385.1 per dollar, up 0.5 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,384.1.

The Kospi has fallen 19.43 per cent so far this year, and gained 1.7 per cent in the previous 30 trading sessions.

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The won has lost 14.2 per cent against the dollar so far this year.

In money and debt markets, December futures on three-year treasury bonds rose 0.08 point to 102.16.

The most liquid three-year Korean treasury bond yield fell by 2.9 basis points to 4.162 per cent, while the benchmark 10-year yield fell by 2.6 basis points to 4.242 per cent. REUTERS