Seoul: Stocks post fastest daily gain in over three weeks on upbeat earnings

[SEOUL] South Korean shares closed higher on Thursday to mark their biggest gain in more than three weeks, on optimism around upbeat corporate earnings in both the United States and at home. The Korean won weakened, while the benchmark bond yield fell.

The benchmark Kospi ended 31.37 points or 1 per cent higher at 3,178.74, the biggest daily gain since mid-April.

Among the heavyweights, technology giant Samsung Electronics slid 0.36 per cent and peer SK Hynix fell 2.27 per cent, while LG Chem rose 1.96 per cent and Naver fell 0.82 per cent.

Growth shares and finance stocks led the gains, and outnumbered those that were declining today across chips and carmakers, said Lee Kyoung-min, an analyst at Daishin Securities.

Foreigners were net sellers of 98.5 billion won (S$117 million) worth of shares on the main board.

The won was quoted at 1,125.8 per dollar on the onshore settlement platform, 0.28 per cent lower than its previous close at 1,122.6.

In offshore trading, the won was quoted at 1,125.4 per dollar, down 0.1 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,125.0.

The Kospi has risen 10.62 per cent so far this year, and gained 4.7 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 1,220.58 million shares. Of the total traded issues of 907, the number of advancing shares was 724.

The won has lost 3.5 per cent against the dollar so far this year.

In money and debt markets, June futures on three-year treasury bonds rose 0.09 point to 110.85.

The most liquid three-year Korean treasury bond yield fell by 2 basis points to 1.138 per cent, while the benchmark 10-year yield fell by 2.8 basis points to 2.102 per cent.

REUTERS