Seoul: Stocks rise 1% as chipmakers jump; won strengthens

SOUTH Korean shares rose 1 per cent on Friday (Apr 29) to hit a 1-week high, led by heavyweight chipmakers, but the benchmark index marked its first monthly fall in 3. The Korean won jumped, while the benchmark bond yield rose.

The benchmark Kospi closed up 27.56 points, or 1.03 per cent, at 2,695.05, marking the highest close since Apr 22.

Still, the index fell 2.27 per cent for the month after 2 straight months of gains.

Technology giant Samsung Electronics jumped 4.01 per cent, marking the fastest daily rise since Dec 1, 2021, and peer SK Hynix rose 2.74 per cent, following a surge in the Philadelphia Semiconductor Index overnight.

SK Innovation dropped 4.87 per cent after the company warned its battery unit’s turnaround could take longer than past guidance indicated.

Anxieties over US monetary policy tightening, global economic slowdown and impacts of China’s lockdown measures may heighten again next week, said Daishin Securities’ analyst Lee Kyoung-min.

Foreigners were net buyers of 13.9 billion won (S$15.3 million) worth of shares on the main board, snapping a 6-day selling streak.

The won closed trading 1.32 per cent higher at 1,255.9 per dollar on the onshore settlement platform.

However, the currency ended April 3.49 per cent lower and posted the worst monthly performance since October 2016.

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In offshore trading, the won was quoted at 1,255.6 per dollar, up 1.3 per cent from the previous day, while in non-deliverable forward trading its 1-month contract was quoted at 1,256.

In money and debt markets, June futures on 3-year treasury bonds fell 0.11 point to 105.35 in late afternoon trade.

The most liquid 3-year Korean treasury bond yield rose by 2.8 basis points to 2.954 per cent, while the benchmark 10-year yield rose by 8.1 basis points to 3.249 per cent. REUTERS