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Markets

South Korean stocks rise 1% after positive exports data, tech gains

  • The KOSPI closed up 29.70 points, or 0.97%, at 3,090.21, rebounding from a 1.21% drop on Friday
Published August 23, 2021
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SEOUL: Round-up of South Korean financial markets:

** South Korean shares ended up nearly 1% on Monday, driven by major tech heavyweights, following Friday's rally on Wall Street and as upbeat exports data boosted investor sentiment. The won and the benchmark bond yield rose.

** The KOSPI closed up 29.70 points, or 0.97%, at 3,090.21, rebounding from a 1.21% drop on Friday.

** Among the heavyweights, technology giant Samsung Electronics rose 0.83%, while peer SK Hynix added 0.49%. Naver and Kakao gained 1.66% and 3.13%, respectively.

** Foreigners were net sellers for a 10th straight session, to the tune of a net 31.1 billion won ($26.49 million) worth of shares on the main board.

** All three major US indexes ended higher on Friday as concerns eased over whether the US Federal Reserve could begin tightening monetary policy sooner than expected.

** South Korea's exports for the first 20 days of August surged 40.9% year-on-year, data showed on Monday, with those of semiconductors, petroleum products and cars soaring 39.8%, 55.3% and 37.0%, respectively.

** Shares of LG Chem slid more than 10% after General Motors Co said it would recall an extra 73,000 Chevrolet Bolt cars that use the South Korean firm's batteries.

** The won ended at 1,173.7 per dollar on the onshore settlement platform, 0.50% stronger than its previous close at 1,179.6.

** In offshore trading, the won was quoted at 1,174.6, while in non-deliverable forward trading its one-month contract was quoted at 1,174.3.

** In money and debt markets, September futures on three-year treasury bonds fell 0.09 points to 110.48.

** The most liquid three-year Korean treasury bond yield rose by 2.4 basis points to 1.388%, while the benchmark 10-year yield rose by 3.4 basis points to 1.886%.

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