South Korean shares at more than two-week high after president impeached

SEOUL: Round-up of South Korean financial markets:

• South Korean shares climbed on Monday to their highest level in more than two weeks, after parliament impeached President Yoon Suk Yeol over the short-lived martial law.

• The won strengthened and the benchmark bond yield rose.

• The KOSPI added 5.60 points, or 0.22%, to 2,500.06 as of 0111 GMT, extending gains to the fifth straight session.

• Earlier in the day, the benchmark rose as much as 0.85% to the highest since Nov. 27.

• South Korea’s Constitutional Court will begin reviewing the impeachment of President Yoon Suk Yeol on Monday over his Dec. 3 attempt to impose martial law, after a parliamentary vote on Saturday in favour of the impeachment.

• “Political risk is lowered and is now a manageable uncertainty,” said Han Ji-young, a market analyst at Kiwoom Securities.

• South Korea’s finance ministry said authorities would continue to monitor financial and foreign exchange markets.

• Among index heavyweights, chipmaker Samsung Electronics rose 0.36% and peer SK Hynix gained 2.51%. Battery maker LG Energy Solution slid 0.25%.

• Hyundai shed 1.16% and sister automaker Kia lost 1.63%. Search engine Naver gained 2.38%, while instant messenger Kakao slipped 2.72%.

• Of the total 938 traded issues, 550 shares advanced and 328 declined.

• Foreigners net sold shares worth 196.5 billion won ($137 million).

• The won was quoted at 1,433.5 per US dollar on the onshore settlement platform, 0.12% higher than its previous close at 1,435.2.

• In money and debt markets, December futures on three-year treasury bonds fell 0.04 point to 106.74.

• The most liquid three-year Korean treasury bond yield rose 2.0 basis points to 2.561%, while the benchmark 10-year yield added 4.6 basis points to 2.722%.