Seoul: Stocks set for 1% weekly gain as US data supports

[SEOUL] Round-up of South Korean financial markets:South Korean shares rebounded on Friday, poised for a weekly gain of 1 per cent, led by strength in Hyundai Motor and as upbeat data from the United States supported recovery momentum.

The won weakened, while the benchmark bond yield rose.

The Kospi was up 18.83 points, or 0.6 per cent, at 3,184.34, as of 0147 GMT.

Lifting investors' risk appetite was US jobless claims data that turned out to be better than expected, while its first-quarter growth remained unchanged from earlier estimate of 6.4 per cent, underpinning hopes that the economic recovery is gathering steam.

South Korea's biggest automaker Hyundai Motor and its unit Kia Corp jumped 4.3 per cent and 4.3 per cent, respectively, following a report that the company will increase investment in electric vehicles, by slashing the number of combustion engine models in its line-up to free up resources.

Among other heavyweights, technology giant Samsung Electronics rose 0.38 per cent, while battery maker LG Chem added 2.1 per cent.

Foreigners were net buyers of 53.5 billion won (S$64 million) worth of shares on the main board.

The won was quoted at 1,118.2 per US dollar on the onshore settlement platform , 0.01 per cent lower than its previous close at 1,118.1.

In offshore trading, the won was quoted at 1,117.0 per dollar, up 0.1 per cent from the previous session, while in non-deliverable forward trading its one-month contract was quoted at 1,116.3.

In money and debt markets, June futures on three-year treasury bonds fell 0.1 points to 110.92, while the 3-month Certificate of Deposit rate was quoted at 0.7 per cent.

The most liquid three-year Korean treasury bond yield rose by 3.6 basis points to 1.2 per cent, while the benchmark 10-year yield rose by 4.2 basis points to 2.154 per cent.

REUTERS