Seoul: Stocks end higher after 2 days of decline

[SEOUL] South Korean shares ended higher on Wednesday (Feb 23), recovering from 2 straight sessions of losses, although gains were capped by concerns around the Russia-Ukraine crisis. The Korean won weakened and the benchmark bond yield rose.

The benchmark Kospi closed up 12.74 points, or 0.47 per cent, at 2,719.53.

Among heavyweights, chip giant Samsung Electronics fell 0.54 per cent, while battery maker LG Energy Solution gained 0.45 per cent.

Western nations on Tuesday punished Russia with new sanctions for ordering troops into separatist regions of eastern Ukraine and threatened to go further if Moscow launched an all-out invasion of its neighbour.

At home, South Korea reported 171,452 new coronavirus cases for Tuesday, another daily record and a sharp increase from 99,573 a day before. However, the prime minister called on people not to panic about the surge in infections as serious cases and deaths are at manageable levels.

Foreigners were net sellers of 265.1 billion won (S$299 million) worth of shares on the main board.

The won finished at 1,193.6 per dollar on the onshore settlement platform, 0.08 per cent lower than its previous close.

In offshore trading, the won was quoted at 1,192.9 per dollar, down 0.1 per cent from the previous day, while in non-deliverable forward trading, its 1-month contract was quoted at 1,193.4.

In money and debt markets, March futures on 3-year treasury bonds rose 0.04 point to 107.74, 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 fell by 1 basis point to 2.317 per cent, while the benchmark 10-year yield rose by 0.5 basis point to 2.722 per cent. REUTERS