South Korean shares rise on dip-buying after two sessions of declines

SEOUL: Round-up of South Korean financial markets:

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

• South Korean shares climbed 1% on Wednesday on dip-buying after two sessions of declines, while focus remained on the US Federal Reserve’s policy meeting outcome.

• The benchmark KOSPI was up 24.74 points, or 1.01%, at 2,481.55 as of 0324 GMT.

• “It is expected there will be dip-buying today after yesterday’s over-selling, but the upside will be limited ahead of the Fed’s meeting result,” said Han Ji-young, an analyst at Kiwoom Securities.

• The US central bank is expected to lower interest rates by a quarter percentage point at its meeting ending Wednesday.

• Among index heavyweights, chipmaker Samsung Electronics rose 1.66%, but peer SK Hynix lost 0.76%. Battery maker LG Energy Solution added 0.26%.

• Hyundai gained 4.60% and sister automaker Kia Corp jumped 5.43%. Search engine Naver and instant messenger Kakao added 1.43% and 0.93%, respectively.

• Of the total 938 traded issues, 471 advanced and 406 declined.

• South Korea’s finance minister said the government would respond actively to excessive volatility in foreign exchange.

• Foreigners net bought shares worth 170.9 billion won ($119 million).

• The won was quoted at 1,436.5 per US dollar on the onshore settlement platform, 0.04% higher than Tuesday’s close at 1,437.1.

• In money and debt markets, March futures on three-year treasury bonds fell 0.05 point to 106.80.

• The most liquid three-year Korean treasury bond yield rose by 1.3 basis points to 2.635%, while the benchmark 10-year yield rose by 2.0 basis points to 2.800%.