South Korean shares rise for third day as financials jump

SEOUL: Round-up of South Korean financial markets:

• South Korean shares rose for a third straight session on Wednesday, as financial stocks rallied on policy hopes, while the broader market’s focus was on US tariffs and domestic monetary policy.

• The benchmark KOSPI was up 15.53 points, or 0.50%, at 3,130.48, as of 0204 GMT.

• Securities firms rallied 5.91% and major financial groups rose 1.91%, extending a rally on optimism around President Lee Jae Myung’s push to revitalise capital markets.

• US President Donald Trump said on Tuesday South Korea should be paying for its own military protection, suggesting the US ally needed to pay more for the US troop presence there, a day after saying he planned to impose a 25% tariff on its imports.

• The Bank of Korea will pause its easing cycle on Thursday but is expected to resume interest rate cuts next month to support economic growth in a country burdened by high household debt, according to a Reuters poll.

• Among other index heavyweights, chipmaker Samsung Electronics fell 1.38%, while peer SK Hynix lost 0.35%. Battery maker LG Energy Solution climbed 0.16%.

• Hyundai Motor and sister automaker Kia Corp were down 2.13% and down 0.20%, respectively. Steelmaker POSCO Holdings added 0.32%, while drugmaker Samsung BioLogics rose 0.25%.

• Of the total 934 traded issues, 683 shares advanced, while 208 declined.

• Foreigners were net sellers of shares worth 354.0 billion won ($258.11 million).

• The won was quoted 0.01% lower at 1,373.4 per dollar on the onshore settlement platform.

• In money and debt markets, September futures on three-year treasury bonds gained 0.02 point to 107.16.

• The most liquid three-year Korean treasury bond yield fell 0.1 basis point to 2.476%, while the benchmark 10-year yield rose 1.2 bps to 2.859%.