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Seoul: Stocks track Wall St higher, won strengthens to 5-month high

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South Korean shares rose 1.2 per cent on Thursday, tracking overnight gains in Wall Street on strong earnings and prospects of more US stimulus.

[SEOUL] South Korean shares rose 1.2 per cent on Thursday, tracking overnight gains in Wall Street on strong earnings and prospects of more US stimulus.

The won strengthened to a five-month high as the US dollar weakened, while the benchmark bond yield edged up.

The benchmark Kospi gained 28.67 points, or 1.2 per cent, to 2,340.53 by 0201 GMT. The index is set for a four-day winning streak, led by heavyweight Samsung Electronics Co.

Concerns that the global economy is stalling amid a surge in coronavirus cases has increased calls for more fiscal aid, a move stock investors have welcomed.

A group of Senate Republicans on Wednesday backed extending a US$25 billion payroll assistance programme for US airlines, according to a letter seen by Reuters.

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Back home, shares of Hyundai Motor Co soared as much as 7.8 per cent to their highest since May 2018, set to gain for a fourth straight session, on upbeat July sales and hopes of higher electric vehicle sales.

Foreigners were net buyers of 39.5 billion won (S$45.7 million) worth of shares on the mainboard.

The won was quoted at 1,184.6 per US dollar on the onshore settlement platform, 0.4 per cent higher than its previous close at 1,188.8, hitting its highest level since March 5 in earlier trade.

In offshore trading, the won was quoted at 1,184.6 per US dollar, up 0.1 per cent from the previous session, while in non-deliverable forward trading its one-month contract was quoted at 1,183.6.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.31 per cent.

In money and debt markets, September futures on three-year treasury bonds fell 0.01 points to 112.29.

The most liquid three-year Korean treasury bond yield rose by 0.8 basis point to 0.803 per cent, while the benchmark 10-year yield rose by 1.6 basis points to 1.308 per cent.

REUTERS

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