South Korean shares continue to rally after President promises reforms
- KOSPI closed up 12.99 points, or 0.45%, at 2,920.03
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose on Thursday after newly elected President Lee Jae-myung promised to eradicate share price manipulation and other unfair trade practices a day earlier. The won strengthened, while the benchmark bond yield fell.
The benchmark KOSPI closed up 12.99 points, or 0.45%, at 2,920.03. For the week, the index is up 3.84%.
Among index heavyweights, chipmaker Samsung Electronics fell 0.67%, while peer SK Hynix lost 1.88%. Battery maker LG Energy Solution climbed 3.93%.
During a visit to the Korea Exchange on Wednesday, President Lee promised measures such as tax code revisions to encourage higher dividend payouts and regulatory reforms to curb unfair trading practices.
Hyundai Motor and sister automaker Kia Corp were up 0.25% and up 1.55%, respectively. Steelmaker POSCO Holdings shed 0.38%, while drugmaker Samsung BioLogics fell 1.34%.
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Of the total 937 traded issues, 521 shares advanced, while 375 declined.
Foreigners were net buyers of shares worth 406.8 billion won.
The won was quoted at 1,359.3 per dollar on the onshore settlement platform, 0.85% higher than its previous close at 1,370.9.
In offshore trading, the won was quoted at 1,360.5 per dollar, up 0.7% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,357.3.
The KOSPI has risen 21.69% so far this year.
The won has strengthened 8.3% against the dollar so far this year.
In money and debt markets, June futures on three-yeartreasury bonds lost 0.02 point to 107.17.
The most liquid three-year Korean treasury bond yield rose by 1.0 basis points to 2.434%, while the benchmark 10-year yield fell by 0.1 basis points to 2.832%.
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