South Korea shares post record closing high on chip boost, US stimulus hopes

SEOUL: Round-up of South Korean financial markets:

** South Korean shares closed at a record high on Monday, driven up by chip giants, as investors hoped that a massive stimulus package would be passed soon in the United States. The won and the benchmark bond yield also rose.

** The KOSPI soared 68.36 points, or 2.18%, to 3,208.99, rebounding from a 0.6% decline on Friday and marking its fourth gain in five sessions. ** Chip giants Samsung Electronics and SK Hynix surged 3% and 5.1%, respectively. Other heavyweights such as LG Chem and Naver added about 1.5%.

** "Global equities strengthened on hopes for a passage of Biden administration's stimulus package Investors are eyeing earnings reports from technology heavyweights at home and in the US," said Kiwoom Securities' analyst Seo Sang-young.

** President Joe Biden's administration tried to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive on a Sunday call with Republican and Democratic lawmakers, some of whom pushed for a smaller plan targeting vaccine distribution.

** Back home, the central bank is due to release the fourth quarter GDP data on Tuesday, which is seen growing 0.7% quarter-on-quarter, according to 14 economists polled by Reuters.

** Foreigners were net buyers of 236.9 billion won ($215.23 million) worth of shares on the main board.

** The won ended at 1,100.7 per dollar on the onshore settlement platform, 0.23% higher than its previous close at 1,103.2.

** In offshore trading, the won was quoted at 1,100.7 per dollar, up 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,100.4.

** In money and debt markets, March futures on three-year treasury bonds fell 0.04 points to 111.45.

** The most liquid 3-year Korean treasury bond yield rose 1.3 basis points to 1.006%.