South Korean stocks close higher for second session

SEOUL: Round-up of South Korean financial markets:

South Korean shares closed higher on Wednesday, extending gains to a second session after last week’s botched martial law attempt by President Yoon Suk Yeol. The won strengthened, while the benchmark bond yield rose.

The benchmark KOSPI closed up 24.67 points, or 1.02%, at 2,442.51.

Among index heavyweights, chipmaker Samsung Electronics was flat and peer SK Hynix gained 0.82%, while battery maker LG Energy Solution slid 1.82%.

Hyundai Motor shed 0.71% and sister automaker Kia Corp gained 0.73%, while search engine Naver and instant messenger Kakao were up 4.31% and up 1.71%, respectively.

U.S. Treasury Secretary Janet Yellen spoke to South Korean Finance Minister Choi Sang-mok on Tuesday and discussed South Korea’s political turmoil following President Yoon Suk Yeol’s attempt last week to impose martial law.

South Korean shares rebound as policymakers pledge to stabilise markets

The South Korean police raided the presidential office, Yonhap news agency reported on Wednesday.

Of the total 938 traded issues, 812 shares advanced, while 102 declined.

Foreigners were net sellers of shares worth 141.3 billion won on the main board on Wednesday.

The won was quoted at 1,432.2 per dollar on the onshore settlement platform, 0.04% higher than its previous close at 1,432.8.

In offshore trading, the won was quoted at 1,431.6 per dollar, up 0.2% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,429.5.

The KOSPI has fallen 8.01% so far this year, but lost 7.6% in the previous 30 trading sessions.

The most liquid three-year Korean treasury bond yield rose by 0.5 basis points to 2.531%, while the benchmark 10-year yield rose by 5.4 basis points to 2.691%.