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Markets

South Korean shares end higher on White House reports of Trump's improving health

  • The KOSPI ended 30.11 points higher, or 1.29pc, at 2,358.00, extending the winning streak to a fourth session.
05 Oct 2020

SEOUL: Round-up of South Korean financial markets:

South Korean shares closed at a two-week high on Monday as White House suggestions that US President Donald Trump was recovering well propped up mood, with sentiment supported by gains in Hyundai Motor and Kia Motors after strong US sales.

The won and the benchmark bond yield rose.

The KOSPI ended 30.11 points higher, or 1.29pc, at 2,358.00, extending the winning streak to a fourth session.

Trump made his first appearance in public since he was moved to a hospital for the treatment of COVID-19, with his doctors saying he has responded well and could return to the White House on Monday.

Boosting the benchmark, Hyundai Motor and Kia Motors jumped 4.8pc and 7.7pc each, after reporting strong US retail sales.

Meanwhile, a private survey on Monday showed South Korea's factory activity last month shrank at the slowest pace in eight months, days after data showed September exports rose for the first time in seven months.

Among other shares, chip giant Samsung Electronics rose as much as 1.7pc ahead of its third-quarter preliminary earnings expected in early-October.

Foreigners were net buyers of 168.9 billion won ($145.19 million) worth of shares on the main board.

The won ended trading at 1,163.4 per dollar on the onshore settlement platform, 0.52pc higher than its previous close at 1,169.5.

In offshore trading, the won was quoted at 1,163.0 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,162.8.

In money and debt markets, December futures on three-year treasury bonds fell 0.12 point to 111.96.

The most liquid 3-year Korean treasury bond yield rose by 3.5 basis points to 0.881pc.