South Korean shares flat as financials counter gains in chipmakers

SEOUL: Round-up of South Korean financial markets:

South Korea stocks extend gains to sixth session on further US rate cut hopes

• South Korean shares were little changed on Wednesday after a six-session winning run, as losses in financials countered gains in chipmakers.

• The benchmark KOSPI was down 2.27 points, or 0.09%, at 2,629.41 as of 0312 GMT, after hitting a three-week high in the previous session.

• Chipmaker Samsung Electronics rose 0.16% and peer SK Hynix jumped 2.32%, tracking overnight gains in US peers. ** The finance-major index and the securities-minor index dropped more than 2% each. Financial stocks are seen among the major gainers of the government’s market reform push.

• After market hours on Tuesday, the Korea Exchange said it would launch a new stock index, which includes some financial firms, to support the “Corporate Value-up Programme” aimed at boosting the local equity market’s valuations.

• Finance Minister Choi Sang-mok said on Wednesday that the government’s policy priority was more focused on tackling slowing domestic demand than rising household debt in the short term.

• Among other index heavyweights, e-commerce firms and battery stocks rose, while automakers and biopharmaceutical manufacturers fell.

• Of the total 933 traded issues, 504 shares advanced, while 361 declined.

• Foreigners were net sellers of shares worth 327.6 billion won ($246.37 million).

• The won was quoted at 1,329.1 per dollar on the onshore settlement platform, 0.10% higher than its previous close at 1,330.4.

• In money and debt markets, December futures on three-year treasury bonds rose 0.05 point to 106.28.

• The most liquid three-year Korean treasury bond yield rose by 1.1 basis points to 2.847%, while the benchmark 10-year yield was flat at 3.016%.