Seoul: Stocks end higher on solid export data

[SEOUL] South Korean shares ended higher on Monday (Nov 1) as risk appetite got a lift from the nation's upbeat trade data, while investors waited for policy meetings in the United States, Britain and Australia. The won weakened, while the benchmark bond yield fell.

The benchmark Kospi closed up 8.26 points or 0.28 per cent at 2,978.94.

Among heavyweights, chip giants Samsung Electronics and SK Hynix rose 0.14 per cent and 3.40 per cent, respectively, while platform company Naver added 0.37 per cent.

South Korean exports surged 24 per cent in October from a year earlier, propelled by post-lockdown recoveries in major markets, which pushed up demand for Korean chips and petrochemical products.

A separate survey, however, showed the country's factory activity grew at its slowest pace in 13 months in October on global supply crunch.

The Federal Open Market Committee, which concludes its 2-day meeting on Wednesday (Nov 3), is the highlight of a week full of central bank meetings likely to move markets, with policy adjustments possible at the Bank of England and Reserve Bank of Australia.

Foreigners were net sellers of 358.5 billion won (S$411.2 million) worth of shares on the main board.

The won ended at 1,176.5 per dollar on the onshore settlement platform, 0.67 per cent lower than its previous close.

In offshore trading, the won was quoted at 1,176.1 per dollar, down 0.1 per cent from the previous day, while in non-deliverable forward trading its 1-month contract was quoted at 1,176.4.

In money and debt markets, December futures on 3-year treasury bonds rose 0.15 point to 107.95.

The most liquid 3-year Korean treasury bond yield fell by 1.2 basis points to 2.090 per cent, while the benchmark 10-year yield fell by 9.7 basis points to 2.486 per cent.

REUTERS