South Korean shares gain as automaker rally outpaces battery losses

SEOUL: Round-up of South Korean financial markets:

South Korean stocks gain on US Fed comments

• South Korean shares rose on Monday, as a rally in automakers outpaced sharp losses in battery manufacturers. The won weakened, while the benchmark bond yield rose.

• The benchmark KOSPI rose 4.10 points, or 0.15%, to 2,718.31 by 0133 GMT.

• US job growth blew past expectations in March, data showed on Friday, potentially delaying anticipated Federal Reserve interest rate cuts this year.

• Domestically, it is an event-packed week this week, with the legislative election on Wednesday and the Bank of Korea’s rate decision meeting on Friday.

• Hyundai Motor jumped 5.32% and sister automaker Kia Corp gained 5.24%, making them the biggest gaining heavyweights.

• Battery maker LG Energy Solution slid 3.86%, after Tesla dropped on a Reuters report about the US electric-vehicle giant scrapping low-cost car plans. Peers Samsung SDI and SK Innovation lost 2.26% and 2.96%, respectively.

• Of the total 929 traded issues, 271 shares advanced, while 601 declined.

• Foreigners were net buyers of shares worth 194.8 billion won ($143.80 million) on the main board.

• The won was quoted at 1,354.5 per dollar on the onshore settlement platform, 0.13% lower than its previous close at 1,352.8.

• The most liquid three-year Korean treasury bond yield rose by 4.4 basis points to 3.374%, while the benchmark 10-year yield rose by 5.4 basis points to 3.485%.