South Korean won strengthens on broad dollar weakness

SEOUL: Round-up of South Korean financial markets on Tuesday:

• The South Korean won rose along with most Asian peers due to a broad weakness in the dollar as investors await fresh breakthroughs in trade negotiations between Washington and its major trading partners.

• The won was quoted at 1,368.0 per dollar on the onshore settlement platform, 0.18% higher than its previous close at 1,370.5.

• The KOSPI index declined, while the benchmark bond yield fell.

• The benchmark KOSPI was down 12.69 points, or 0.48%, at 2,631.71 as of 0305 GMT.

• Among index heavyweights, chipmaker Samsung Electronics fell 1.28%, while peer SK Hynix lost 0.25%. Battery maker LG Energy Solution slid 2.70%.

• Hyundai Motor and sister automaker Kia Corp were down 0.38% and up 0.11%, respectively. Steelmaker POSCO Holdings shed 1.86%, while drugmaker Samsung BioLogics fell 1.15%.

• South Korea’s May consumer sentiment index reached the highest since October 2024, the Bank of Korea data showed.

• Of the total 934 traded issues, 322 shares advanced, while 555 declined.

• The BOK will lower its key policy rate by 25 basis points on Thursday as economic activity contracted in the last quarter and benign inflation supports the case for easing, a Reuters poll of economists found.

• Foreigners were net buyers of shares worth 32.0 billion won.

• In offshore trading, the won was quoted at 1,368.1 per dollar, down 0.0% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,364.2.

• The KOSPI has risen 9.68% so far this year.

• The won has strengthened 7.6% against the dollar so far this year.

• In money and debt markets, June futures on three-year treasury bonds lost 0.01 point to 107.49.

• The most liquid three-year Korean treasury bond yield rose by 0.9 basis points to 2.355%, while the benchmark 10-year yield fell by 3.0 basis points to 2.742%.