South Korean shares set to post best month since November 2020

SEOUL: Round-up of South Korean financial markets:

• South Korean shares rose on Monday, tracking Wall Street’s gains ahead of major economic data releases later this week, and were set to post their best month since late 2020.

• The benchmark KOSPI index was up 25.39 points, or 0.83%, at 3,081.33 as of 0202 GMT.

• It has risen 14.1% so far this month on post-election policy optimism and will post the biggest monthly rise since November 2020, if gains hold.

• Wall Street extended its rally on Friday, sending the S&P 500 and Nasdaq indexes to all-time closing highs, as trade deal hopes fueled risk appetite and economic data helped solidify expectations for rate cuts from the US Federal Reserve.

• South Korea’s factory output fell for a second straight month in May, coming in weaker than market expectations.

• South Korea is scheduled to report trade data for June on Tuesday.

• Among index heavyweights, chipmaker Samsung Electronics fell 0.66%, while peer SK Hynix gained 2.90%. Battery maker LG Energy Solution climbed 2.95%.

• Hyundai Motor and sister automaker Kia Corp were up 0.49% and 0.10%, respectively. Steelmaker POSCO Holdings added 1.15%, while drugmaker Samsung BioLogics rose 0.10%. ** Of the total 935 traded issues, 539 shares advanced, while 351 declined.

• Foreigners were net sellers of shares worth 212.5 billion won ($156.66 million).

• The won was quoted at 1,356.9 per dollar on the onshore settlement platform, 0.32% higher than its previous close at 1,361.3.

• In money and debt markets, September futures on three-year treasury bonds gained 0.07 point to 107.32.

• The most liquid three-year Korean treasury bond yield rose by 0.4 basis point to 2.447%, while the benchmark 10-year yield fell 0.8 basis point to 2.781%.