South Korean shares end higher on Fed view boost

SEOUL: Round-up of South Korean financial markets:

** South Korean shares closed higher on Thursday, as sentiment was lifted by the US Federal Reserve reiterating its accommodative monetary policy stance. The won strengthened, while the benchmark bond yield also rose.

** The benchmark KOSPI closed up 18.51 points, or 0.61%, at 3,066.01, having soared as much as 1.40%.

** Fed Chair Jerome Powell said the inflation forecast of 2.4% for this year is a temporary surge and that the central bank anticipates no interest rate increase until at least 2024.

** "(KOSPI) took a relief from eased uncertainties over the Fed meeting, but it trimmed early gains as the benchmark 10-year US Treasury yields soared to around 1.68%," said Daishin Securities' analyst Lee Kyoung-min.

** Among heavyweights, chip giants Samsung Electronics and SK Hynix rose 0.73% and 1.43%, respectively, while internet giant Naver jumped 5.22%.

** Meanwhile, South Korean COVID-19 vaccine developer SK Bioscience Co Ltd skyrocketed 30% to 169,000 won ($150.35) on their debut.

** Foreigners were net buyers of 482.6 billion won ($429.34 million) worth of shares on the main board.

** The won ended at 1,123.7 per dollar on the onshore settlement platform, 0.58% higher than its previous close at 1,130.2.

** In offshore trading, the won was quoted at 1,123.4, while in non-deliverable forward trading its one-month contract was quoted at 1,123.3.

** In money and debt markets, June futures on three-year treasury bonds rose 0.12 point to 110.77.

** The most liquid 3-year Korean treasury bond yield fell by 3.5 basis points to 1.142%, while the benchmark 10-year yield rose by 2.0 basis points to 2.154%.