South Korea stocks jump on strong trade data, vaccine optimism

SEOUL: Round-up of South Korean financial markets:

South Korean shares jumped over 1% on Friday as strong exports data added to signs of recovery from the coronavirus-induced economic slump, while optimism over US stimulus talks and COVID-19 vaccines further aided sentiment.

Both the won and the benchmark bond yield rose.

The benchmark KOSPI soared 28.68 points, or 1.04%, to 2,775.14 by 0223 GMT, after falling 0.3% in the previous session.

South Korea's exports during the first 10 days of December jumped 26.9% from a year earlier, official data showed on Friday.

US House of Representatives Speaker Nancy Pelosi said on Thursday Congress could work on a COVID-19 relief package until Dec. 26, the day after Christmas, when a range of emergency aid programs are set to expire.

Britain began vaccine inoculations this week and the United States could start vaccinations as early as the coming weekend, while Canada on Wednesday approved its first vaccine with initial shots due from next week.

But a third wave of coronavirus infections at home is still a concern. The country on Friday reported 689 new coronavirus cases, the most since late February.

The won was quoted at 1,087.1 per dollar on the onshore settlement platform, 0.06% higher than its previous close at 1,087.7.

In offshore trading, the won was quoted at 1,087.3 per dollar, down 0.2% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,086.7.

In money and debt markets, December futures on three-year treasury bonds fell 0.01 points to 111.71.

The most liquid 3-year Korean treasury bond yield rose by 0.1 basis points to 0.975%, while the benchmark 10-year yield rose by 0.2 basis points to 1.656%.