Seoul: Stocks gain on strong jobs data, China trade numbers

[SEOUL] South Korean shares rose on Wednesday after 2 consecutive sessions of declines, as strong China trade data and a positive local jobs report helped boost investor sentiment. The Korean won strengthened, while the benchmark bond yield fell.

The benchmark Kospi rose 28.03 points or 0.96 per cent to 2,944.41.

Among heavyweights, technology giant Samsung Electronics fell 0.29 per cent and peer SK Hynix rose 0.55 per cent, while LG Chem climbed 1.51 per cent and Naver gained 2.69 per cent.

China's exports in September rose 28.1 per cent from a year earlier, and imports increased 17.6 per cent, customs data showed.

The number of jobs added in September hit the highest since March 2014 in South Korea.

Foreigners were net sellers of 272.8 billion won (S$309.6 million) worth of shares on the main board.

The won was quoted at 1,193.8 per dollar on the onshore settlement platform, 0.42 per cent higher than its previous close at 1,198.8.

In offshore trading, the won was quoted at 1,193.2 per dollar, up 0.3 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,193.9.

The Kospi has risen 2.47 per cent so far this year, but lost 7.1 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 742.5 million shares. Of the total traded issues of 927, the number of advancing shares was 700.

The won has lost 9 per cent against the dollar so far this year.

In money and debt markets, December futures on 3-year treasury bonds were unchanged at 108.69.

The most liquid 3-year Korean treasury bond yield fell by 0.2 basis point to 1.816 per cent, while the benchmark 10-year yield fell by 4.8 basis points to 2.399 per cent.

REUTERS