The Business Times

Seoul: Shares rise on gains in battery makers, strong US recovery hopes

Published Mon, Apr 12, 2021 · 03:15 PM

[SEOUL] South Korean shares rose on Monday, led by battery makers and on prospects of stronger US growth, but gains were capped on caution over upcoming US earnings and inflation data. Both the won and the benchmark bond yield fell.

The benchmark Kospi closed up 3.71 points or 0.12 per cent at 3,135.59.

Among heavyweights, chip giants Samsung Electronics and SK Hynix fell 0.48 per cent and 1.79 per cent, respectively, while battery maker LG Chem added 0.62 per cent.

Auto battery maker SK Innovation soared 11.97 per cent after it buried the hatchet with LG Energy Solution, freeing up both firms to expand in the United States, where electric cars have become a Biden administration priority.

The US economy is at an "inflection point" with expectations that growth and hiring will pick up speed in the months ahead, Federal Reserve Chair Jerome Powell said.

Back home, exports during April 1-10 period jumped 24.8 per cent from a year earlier, customs agency data showed.

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Investors are eyeing on US earnings and inflation data this week, said DS Investment & Securities' analyst Na Jeong-hwan.

Foreigners were net sellers of 324.5 billion won (S$387.1 million) worth of shares on the main board.

The won ended at 1,124.9 per dollar on the onshore settlement platform, 0.33 per cent lower than its previous close at 1,121.2.

In offshore trading, the won was quoted at 1,125.1 per dollar, down 0.4 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,125.0.

The most liquid three-year Korean treasury bond yield fell by 2.6 basis points to 1.143 per cent, while the benchmark 10-year yield fell by 2.7 basis points to 2.003 per cent.

REUTERS

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