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South Korea: Stocks, won rise over US-Mexico trade optimism

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[SEOUL] South Korea's Kospi stock index advanced on Tuesday, tracking Wall Street over US-Mexico trade optimism. The Korean won rose, while bond yields were steady.

At 01:24 GMT, the Kospi was up 10.30 points, or 0.45 per cent, at 2,309.60.

Shares of E-Mart and Shinsegae rose 6 per cent and 2.6 per cent, respectively, following a report that both companies were accelerating the joint launch of online shopping mall focusing on food sales. Hong Kong-based Affinity Equity Partners will invest about 1 trillion won for integrated corporation, according to a report by the Maeil Business Newspaper.

The construction sub-index gained 2.5 per cent after the government said it would build more apartments in an effort to cut down ballooning housing prices.

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The won was quoted at 1,110 per dollar on the onshore settlement platform, 0.34 per cent firmer than its previous close at 1,113.8.

In offshore trading, the won was quoted at 1,110.54 per US dollar, down 0.25 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,094.35 per dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.60 per cent, after US stocks ended the previous session with mild gains. Japanese stocks rose 0.74 per cent.

The Kospi is down around 6.8 percent so far this year, and up by 0.50 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 100,563,000 shares and, of the total traded issues of 891, the number of advancing shares was 539.

Foreigners were net buyers of 65,960 million won worth of shares.

The US dollar has risen 4.14 per cent against the won this year. The won's high for the year is 1,053.55 per dollar on April 2, 2018 and low is 1,140.4 on July 19, 2018.

In money and debt markets, September futures on three-year treasury bonds fell 0.03 points to 108.7.

The Korean 3-month Certificate of Deposit benchmark rate was quoted at 1.65 per cent, while the benchmark 3-year Korean treasury bond yielded 1.967 per cent, higher than the previous day's 1.97 per cent.

REUTERS