South Korean shares rise as chipmaker SK Hynix extends gains; set for weekly loss

SEOUL: Round-up of South Korean financial markets:

South Korean shares rose on Friday as chipmaker SK Hynix extended gains on upbeat earnings, while most other index heavyweights declined.

The won and the benchmark bond yield were little changed.

The benchmark KOSPI was up 5.75 points, or 0.22%, at 2,586.78, as of 0219 GMT.

For the week, the KOSPI was down 0.2%, set for its second straight weekly loss.

South Korea’s finance minister said the downside risk to the government’s 2.6% economic growth forecast for this year had expanded, according to a report.

SK Hynix gained 1.41%, after rising 1.12% on Thursday on a record quarterly profit. Rival Samsung Electronics fell 1.06%.

Automakers, e-commerce firms and battery makers fell, while biopharmaceutical manufacturers rose.

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Of the total 933 traded issues, 266 shares advanced, while 594 declined.

Foreigners were net sellers of shares worth 209.0 billion won ($151.20 million).

The won was quoted at 1,382.0 per dollar on the onshore settlement platform, 0.02% higher than its previous close at 1,382.3.

In money and debt markets, December futures on three-year treasury bonds rose 0.04 point to 106.02.

The most liquid three-year Korean treasury bond yield fell by 1.0 basis point to 2.882%, while the benchmark 10-year yield fell by 0.7 basis point to 3.061%.