Seoul: Stocks rebound, virus worries weigh

[SEOUL] South Korean shares rose on Thursday, tracking a rebound in global equities although concerns about rising Covid-19 cases in some parts of the world weighed on market sentiment. The won gained, while the benchmark bond yield fell.

The benchmark Kospi closed up 5.86 points or 0.18 per cent at 3,177.52, after a 1.52 per cent drop on Wednesday.

Among heavyweights, technology giant Samsung Electronics fell 0.24 per cent, while peer SK Hynix rose 0.38 per cent. Battery maker LG Chem added 0.81 per cent.

Hyundai Motor rose 0.22 per cent after it reported a 187 per cent jump in its first-quarter net profit as demand for its high-margin sports-utility vehicles and premium Genesis cars boomed.

But worries that rising Covid-19 cases in certain Asian countries like India, Japan and South Korea, and in Latin America will be a hurdle for the global economic recovery have weighed on investor sentiment.

South Korea reported 735 new coronavirus cases as of Wednesday midnight, the highest daily tally since Jan 7, data showed.

Foreigners were net sellers of 146.5 billion won (S$174.1 million) worth of shares on the main board.

The won was quoted at 1,117.3 per dollar on the onshore settlement platform, 0.12 per cent higher than its previous close at 1,118.6.

In offshore trading, the won was quoted at 1,116.9 per dollar, unchanged from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,116.5.

In money and debt markets, June futures on three-year treasury bonds rose 0.05 point to 110.99.

The most liquid three-year Korean treasury bond yield fell by 0.7 basis point to 1.103 per cent, while the benchmark 10-year yield fell by 1.6 basis points to 1.989 per cent.

REUTERS