South Korean shares flat on caution ahead of US inflation data

SEOUL: Round-up of South Korean financial markets:

• South Korean shares were little changed on Monday, as investors were cautious ahead of U.S. inflation data, amid uncertainty over domestic tax revisions.

• The benchmark KOSPI was up 2.20 points, or 0.07%, at 3,212.21, as of 0258 GMT.

• “The importance of U.S. inflation data on Tuesday has become bigger as the earnings season is almost over,” said Seo Sang-young, an analyst at Mirae Asset Securities.

• The government and the ruling Democratic Party on Sunday decided to take more time for discussion on any changes to the proposed tax hikes on stock investments, according to local media reports.

• Among index heavyweights, chipmaker Samsung Electronics fell 0.97%, while peer SK Hynix gained 3.31%. Battery maker LG Energy Solution climbed 2.51%.

• Hyundai Motor and sister automaker Kia Corp were down 0.24% and up 0.10%, respectively. Steelmaker POSCO Holdings added 4.06%, while drugmaker Samsung BioLogics rose 0.88%.

• Of the total 933 traded issues, 320 shares advanced, while 560 declined.

• Foreigners were net buyers of shares worth 105.2 billion won ($75.88 million).

• The won was quoted at 1,386.4 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,387.5.

• In money and debt markets, September futures on three-year treasury bonds lost 0.04 point to 107.39.

• The most liquid three-year Korean treasury bond yield rose by 1.7 basis points to 2.426%, while the benchmark 10-year yield rose by 1.0 basis point to 2.787%.