Seoul: Stocks log sharpest daily gain in 5 weeks

[SEOUL] South Korean shares on Friday (Jan 7) logged the sharpest daily gain in more than a month, while ending the week lower, with investor focus on US jobs data later in the day that might reinforce the need for faster-than-expected US interest rate hikes.

Foreign investors snapped up Samsung Electronics and other tech heavyweights to log the ninth straight week of buying. The Korean won weakened to the lowest in a year and a half, while the benchmark bond yield fell.

The benchmark Kospi rose 34.36 points, or 1.18 per cent, to 2,954.89.

Among the heavyweights, technology giant Samsung Electronics rose 1.82 per cent and peer SK Hynix rose 1.60 per cent, while LG Chem rose 4.20 per cent and Naver fell 0.15 per cent.

Foreigners were net buyers of 634.9 billion won (S$716.9 million) worth of shares on the main board.

The won was quoted at 1,201.5 per dollar on the onshore settlement platform, 0.04 per cent lower than its previous close at 1,201.0.

In offshore trading, the won was quoted at 1,202.3 per dollar, up 0.2 per cent from the previous day, while in non-deliverable forward trading its 1-month contract was quoted at 1,202.9.

The Kospi has fallen 0.76 per cent so far this year, but lost 2.5 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 535.01 million shares. Of the total traded issues of 931, the number of advancing shares was 648.

The won has lost 1.1 per cent against the dollar so far this year.

In money and debt markets, March futures on 3-year treasury bonds rose 0.07 point to 108.25.

The most liquid 3-year Korean treasury bond yield rose by 0.4 basis point to 2.014 per cent, while the benchmark 10-year yield fell by 2.9 basis points to 2.452 per cent.

REUTERS