South Korean won pares early gains as President Yoon refuses to step down

SEOUL: Round-up of South Korean financial markets:

The South Korean won pared early gains on Thursday as political turmoil continued after President Yoon Suk Yeol refused to step down amid parliament’s push to impeach him.

The won was unchanged from its previous closing price of 1,430.9, as of 0701 GMT, in the onshore market.

The benchmark KOSPI closed up 39.61 points, or 1.62%, at 2,482.12.

South Korean President Yoon Suk Yeol said he would “fight to the end” as his own political party shifted closer to voting with the opposition to impeach him over his short-lived martial law order that threw the U.S. ally into turmoil.

Among index heavyweights, chipmaker Samsung Electronics rose 3.52% and peer SK Hynix gained 2.50%, while battery maker LG Energy Solution climbed 7.01%.

Shares of Hyundai Motor ended 1.20% higher and sister automaker Kia Corp gained 0.73%, while search engine Naver and instant messenger Kakao were down 4.59% and down 2.02%, respectively.

South Korean stocks close higher for second session

Korean Air closed 0.21% lower after the carrier said it completed its protracted purchase of South Korean rival Asiana Airlines, making it one of Asia’s biggest carriers. Asiana Airlines ended 0.79% lower.

Of the total 938 traded issues, 618 shares advanced, while 280 declined.

Foreigners were net sellers of shares worth 23.5 billion won on the main board on Thursday.

The won was quoted at 1,431.6 per dollar on the onshore settlement platform, 0.05% lower than its previous close at 1,430.9.

The won has lost 10.0% against the dollar so far this year.

In money and debt markets, December futures on three-year treasury bonds fell 0.05 point to 106.72.

The most liquid three-year Korean treasury bond yield rose 1.6 basis points to 2.551%, while the benchmark 10-year yield climbed 1.0 basis points to 2.700%.