Seoul: Stocks rebound from 6-week low, automakers lead gains
SOUTH Korean shares rebounded from a 6-week low on Tuesday (Apr 26) after Wall Street’s overnight rise and the country’s better-than-expected GDP (gross domestic product) data, with automakers leading the gains. The Korean won weakened, while the benchmark bond yield fell.
The benchmark Kospi rose 11.18 points, or 0.42 per cent, to 2,668.31, after hitting a 6-week low in the previous session.
The index shed some of its earlier gains as US monetary tightening and China’s lockdown measures still weighed, said Daishin Securities’ analyst Lee Kyoung-min.
Among the heavyweights, technology giant Samsung Electronics fell 0.3 per cent and peer SK Hynix rose 2.78 per cent, while battery maker LG Energy Solution lost 2.19 per cent.
Automakers Hyundai Motor and Kia gained 2.75 per cent and 4.9 per cent respectively, on better-than-expected first-quarter results.
South Korea’s economic growth nearly halved in the first quarter from the preceding 3 months on coronavirus curbs and surging inflation but managed to top estimates, while a slowing Chinese economy clouded the outlook for the coming months.
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Foreigners were net sellers of 250.2 billion won (S$274.2 million) worth of shares on the main board.
The Kospi has fallen 10.39 per cent so far this year.
The won closed trading at 1,250.8 per dollar on the onshore settlement platform, 0.07 per cent lower than its previous close at 1,249.9.
In offshore trading, the won was quoted at 1,251.4 per dollar, down 0.1 per cent from the previous day, while in non-deliverable forward trading its 1-month contract was quoted at 1,252.4.
In money and debt markets, June futures on 3-year treasury bonds fell 0.01 point to 105.66 in late afternoon trade.
The most liquid 3-year Korean treasury bond yield fell by 1.9 basis points to 2.865 per cent, while the benchmark 10-year yield fell by 0.4 basis point to 3.206 per cent. REUTERS
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