Seoul: Stocks gain for 3rd day; won advances

[SEOUL] South Korea's KOSPI stock index rose on Wednesday. The Korean won extended its gains on the local platform while bond yields fell.

At 0630 GMT, the KOSPI was up 26.64 points or 1.11 per cent at 2,421.83. The index was supported by large purchases from foreign investors, especially in market heavyweight Samsung Electronics. The tech giant's shares ended up 3.1 per cent.

The won was quoted at 1,077.2 per dollar on the onshore settlement platform, 0.68 per cent firmer than its previous close at 1,084.5. The currency received additional support from stronger yen.

South Korean financial markets will be closed on Thursday and Friday for Chinese New Year holiday. The trading will resume at normal hours on Feb 19.

In offshore trading, the won was quoted at 1,076.33 per dollar, up 0.71 per cent from the previous day, while in one-year non-deliverable forwards it fetched 1,067.25 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.88 per cent, after U.S. stocks ended the previous session with up in choppy trade. Japanese stocks weakened 0.43 per cent.

The KOSPI is down around 2.9 per cent so far this year, and down by 3.41 per cent in the previous 30 days.

The current price-to-earnings ratio is 12.10, the dividend yield is 1.28 per cent and the market capitalisation is 1,242.04 trillion won.

The trading volume during the session on the KOSPI index was 301,972,000 shares, and of the total traded issues of 882, the number of advancing shares was 431.

Foreigners were net buyers of 105,616 million won worth of shares.

The US dollar has risen 0.93 per cent against the won this year. The won's high for the year is 1,056.67 per dollar on Jan 14 and low is 1,098.4 on Feb 6.

In money and debt markets, March futures on three-year treasury bonds rose 0.06 points to 107.66.

The Korean three-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent compared, while the benchmark three-year Korean treasury bond yielded 2.263 per cent, lower than the previous day's 2.28 per cent.

REUTERS