You are here

Seoul: Stocks rise more than 1% as semiconductors shine

colin-ss-20.jpg

[SEOUL] South Korean shares rose more than 1 per cent on Tuesday, boosted by gains in semiconductor stocks such as Samsung Electronics. The Korean won strengthened and the benchmark bond yield also rose.

The Seoul stock market's main Kospi rose 20.35 points, or 1.05 per cent, to 1,960.25.

Shares of Samsung Electronics rose nearly 2 per cent on reports of Japan approving shipments of a high-tech material to South Korea, and the United States granting Huawei another 90 says to buy from American suppliers, said Park Sung-soon, analyst at Cape Investment & Securities.

Kospi sub-index for electric and electronics rose 1.73 per cent.

sentifi.com

Market voices on:

Japan has approved shipments of a high-tech material to South Korea for the second time since imposing export curbs last month, two sources said, ahead of talks by government officials this week to resolve a dispute stemming from their wartime past.

The United States will extend a reprieve that permits China's Huawei Technologies to buy components from U.S. companies to supply existing customers, the Commerce Department said on Monday, but it also moved to add more than 40 of Huawei's units to its economic blacklist

Foreigners were net buyers of 113.2 billion won worth of shares on the main board. They were net buyers of KOSPI shares for the first time in 14 sessions.

Foreigners bought 94.8 billion won worth of electric and electronics stocks on the main board, according to the Korea Exchange.

The won was quoted at 1,208.3 per dollar on the onshore settlement platform, 0.22 per cent higher than its previous close at 1,211.0.

In offshore trading, the won was quoted at 1,207.7 per US. dollar, up 0.3 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,206.5 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.44 per cent, after US stocks rose. Japanese stocks rose 0.55 per cent.

The KOSPI has fallen 3.96 per cent so far this year, and lost 8.1 per cent in the previous 30 trading sessions.

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.

A total of 457.14 million shares were traded on the Kospi index. Of the total 892 traded issues, 627 shares gained.

The won has lost 7.7 per cent against the US dollar so far this year.

In money and debt markets, September futures on three-year treasury bonds fell 0.03 points to 111.41, while the 3-month Certificate of Deposit rate was quoted at 1.49 per cent.

The most liquid three-year Korean treasury bond yield rose by 1.2 basis points to 1.105 per cent, while the benchmark 10-year yield rose by 2.2 basis points to 1.206 per cent. 

REUTERS