South Korean shares flat as investors await Nvidia, BOK decision

SEOUL: Round-up of South Korean financial markets:

• South Korean shares were little changed on Wednesday, as investors took a wait-and-see stance ahead of US chipmaker Nvidia’s earnings and the Bank of Korea’s policy meeting.

• The benchmark KOSPI was up 2.19 points, or 0.07%, at 3,181.55, as of 0345 GMT.

• “The market’s focus is on Nvidia’s earnings. It will be the turning point for South Korean chipmakers,” said Han Ji-young, an analyst at Kiwoom Securities.

• US chipmaker Nvidia rose 1.1% ahead of its quarterly report late on Wednesday, which will show how the world’s most valuable company is faring in the crossfire of Washington and Beijing’s ongoing trade war.

• The Bank of Korea will likely keep its key policy rate steady on Thursday, viewing rising property prices as a more immediate concern than lifting economic growth, according to a Reuters poll of economists, who now expect easing to resume next quarter.

• Among index heavyweights, chipmaker Samsung Electronics rose 0.57%, while peer SK Hynix lost 1.15%. Battery maker LG Energy Solution slid 1.57%.

• Hyundai Motor and sister automaker Kia Corp were up 0.92% and up 0.58%, respectively. Steelmaker POSCO Holdings shed 1.17%, while drugmaker Samsung BioLogics rose 0.49%.

• Of the total 933 traded issues, 314 shares advanced, while 561 declined.

• Foreigners were net sellers of shares worth 272.3 billion won ($196.16 million).

• The won was quoted at 1,395.5 per dollar on the onshore settlement platform, 0.14% lower than its previous close at 1,393.6.

• In money and debt markets, September futures on three-year treasury bonds gained 0.05 point to 107.42.

• The most liquid three-year Korean treasury bond yield fell by 0.9 basis point to 2.409%, while the benchmark 10-year yield fell by 1.6 basis points to 2.836%.