Seoul: Stocks end flat as Biden-Putin meeting plan eases Ukraine nerves

[SEOUL] South Korean shares ended nearly unchanged on Monday (Feb 21) as hopes of easing tensions in the Russia-Ukraine stand-off helped pare early steep losses. The Korean won strengthened, while the benchmark bond yield rose.

The benchmark Kospi closed down 0.72 point, or 0.03 per cent, at 2,743.80, after having lost 1.81 per cent earlier in the session. The index has fallen 7.85 per cent so far this year.

Among heavyweights, chip giants Samsung Electronics and SK Hynix fell 0.13 per cent and 1.14 per cent, respectively, while battery maker LG Energy Solution slid 0.33 per cent.

Aiding risk sentiment, US President Joe Biden and Russia's Vladimir Putin have agreed in principle to hold a summit over Ukraine, pulling up Wall Street futures.

In South Korea, data showed the country's exports for the first 20 days of February expanded 13.1 per cent from a year earlier, while imports jumped 12.9 per cent, bringing the trade balance to a US$1.68 billion deficit.

Foreigners were net sellers of 62.6 billion won (S$70.6 million) worth of shares on the main board.

The won was quoted at 1,192.1 per dollar on the onshore settlement platform, 0.32 per cent higher than its previous close at 1,195.9.

In offshore trading, the won was quoted at 1,191.6 per dollar, up 0.3 per cent from the previous day, while in non-deliverable forward trading, its 1-month contract was quoted at 1,192.3.

In money and debt markets, March futures on 3-year treasury bonds fell 0.16 point to 107.54, while the 3-month Certificate of Deposit rate was quoted at 1.5 per cent in late afternoon trade.

The most liquid 3-year Korean treasury bond yield rose by 4.5 basis points to 2.368 per cent, while the benchmark 10-year yield rose by 4.7 basis points to 2.775 per cent. REUTERS