South Korean stocks gain for 4th day on tech boost, strong trade data

SEOUL: Round-up of South Korean financial markets:

** South Korean shares ended higher on Wednesday on tech boost and strong exports data, though gains were capped on concerns over rising coronavirus cases and caution ahead of US jobs data later this week. The won and the benchmark bond yield edged up.

** The KOSPI closed up 7.75 points, or 0.24%, at 3,207.02, extending gains to a fourth session, after a sharp 1.75% gain on Tuesday.

** Heavyweights tech giant Samsung Electronics rose 0.13% and peer SK Hynix added 1.41%, while internet giant Naver jumped 1.37%.

** South Korea's exports growth accelerated in August, towed by solid demand for memory chips, petrochemicals and other major items.

** Offsetting recovery hopes, the country reported 2,025 new coronavirus cases for Tuesday, much more than 1,372 reported a day earlier.

** Investors now await a key US jobs report for August, due on Friday, that could shape how soon the Federal Reserve begins to withdraw its support of the economy when it begins to taper bond buying.

** South Korea's factory activity grew at a slower pace in August as output contracted for the first time in 12 months, while data on Tuesday showed US consumer confidence fell to a six-month low on soaring COVID-19 infections and rising inflation.

** Foreigners were net buyers of 119.0 billion won ($102.84 million) worth of shares on the main board.

** The won ended at 1,157.2 per dollar on the onshore settlement platform, 0.20% higher than its previous close at 1,159.5.

** In offshore trading, the won was quoted at 1,157.4 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,157.7.

** In money and debt markets, September futures on three-year treasury bonds fell 0.05 points to 110.48.

** The benchmark 10-year yield rose by 3.0 basis points to 1.942%. ($1 = 1,157.1300 won)