Seoul: Stocks end at 3-week high on tech boost, Wall Street gains

[SEOUL] South Korean shares ended at a near 3-week high on Wednesday (Mar 23) after technology stocks gained tracking Wall Street overnight, as investors continued to assess developments in the Russia-Ukraine conflict.

The Korean won strengthened, while the benchmark bond yield rose.

The benchmark Kospi ended up 25.05 points or 0.92 per cent at 2,735.05, its highest close since Mar 3.

Leading the gains, chip giant Samsung Electronics rose 0.28 per cent. Battery maker LG Energy Solution and web portal operator Naver added 2.39 per cent and 1.77 per cent, respectively.

The rally comes after the US tech-heavy Nasdaq index jumped 2 per cent on gains in big growth names such as Apple, Microsoft and Amazon.com.

Talks between Ukraine and Russia are confrontational but moving forward, President Volodymyr Zelenskiy said on Wednesday, as the West plans to announce more sanctions against the Kremlin amid a worsening humanitarian crisis.

At home, the presidential office on Wednesday nominated veteran International Monetary Fund official Rhee Chang-yong as its new central bank chief, a pick who is widely expected to continue the bank's efforts to curb inflation with aggressive interest rate hikes.

Meanwhile, the country's total coronavirus infections topped 10 million, or nearly 20 per cent of its population, authorities said on Wednesday.

Foreigners were net buyers of 60.4 billion won (S$67.5 million) worth of shares on the main board.

The won ended at 1,213.8 per dollar on the onshore settlement platform, 0.35 per cent higher than its previous close at 1,218.1.

In offshore trading, the won was quoted at 1,213.5, while in non-deliverable forward trading its 1-month contract was quoted at 1,214.1.

In money and debt markets, June futures on 3-year treasury bonds fell 0.08 point to 106.92.

The most liquid 3-year Korean treasury bond yield rose by 2.6 basis points to 2.425 per cent. REUTERS