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Markets

South Korean stocks post best day in over 3 months on tech boost, Wall St rally

  • The KOSPI closed up 48.09 points, or 1.56%, at 3,138.30, logging its biggest gain since May 10. It had gained 0.97% on Monday
24 Aug, 2021

SEOUL: Round-up of South Korean financial markets:

** South Korean shares posted their sharpest rise in more than three months on Tuesday, boosted by strong gains in technology stocks and tracking a rally on Wall Street. The won and the benchmark bond yield rose.

** The KOSPI closed up 48.09 points, or 1.56%, at 3,138.30, logging its biggest gain since May 10. It had gained 0.97% on Monday.

** Among heavyweights, chip giants Samsung Electronics and SK Hynix rose 3.14% and 1.94%, respectively, while internet giant Naver added 1.86%.

** Foreigners turned net buyers for the first time in 11 days, purchasing net 156.8 billion won ($134.58 million) worth of shares on the main board. ** All three major US stock indexes ended higher overnight, with the Nasdaq reaching an all-time closing high after the US Food and Drug Administration granted a full approval to the Pfizer-BioNTech COVID-19 vaccine.

** Meanwhile, South Korea is expected to raise interest rates on Thursday, making it the first major central bank in Asia to do so in the pandemic era as surging household debt and home prices threaten financial stability.

** "KOSPI rose on hopes of economic reopening after the US FDA approval of Pfizer vaccine, easing worries about the Delta coronavirus variant, and on a surge in the Philadelphia Semiconductor Index," said Lee Kyoung-min, an analyst at Daishin Securities.

** The won ended at 1,165.6 per dollar on the onshore settlement platform, 0.69% higher than its previous close at 1,173.7.

** In offshore trading, the won was quoted at 1,165.3, while in non-deliverable forward trading its one-month contract was quoted at 1,165.4.

** In money and debt markets, September futures on three-year treasury bonds fell 0.11 point to 110.34.

** The most liquid 3-year Korean treasury bond yield rose by 4.9 basis points to 1.437%, while the benchmark 10-year yield rose by 4.9 basis points to 1.935%.

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