South Korean shares end little changed ahead of holiday weekend

SEOUL: Round-up of South Korean financial markets:

South Korean shares ended little changed on Thursday, as investors refrained from taking big bets ahead of a long holiday weekend.

The benchmark KOSPI closed up 1.29 points, or 0.04%, at 3,225.66.

The S&P 500 and Nasdaq indexes hit new closing highs for the second straight session on Wednesday on hopes that the Federal Reserve was getting close to a monetary easing cycle.

“There was no momentum in the domestic market with trading volume falling,” said Lee Kyoung-min, an analyst at Daishin Securities.

South Korean financial markets will be closed on Friday for a public holiday.

South Korea’s financial watchdog chief vowed to root out unfair practices and establish a market order in which the rights of minor shareholders are respected, as he took office, amid investor hopes of market reforms.

Among index heavyweights, chipmaker Samsung Electronics fell 0.42%, while peer SK Hynix lost 0.54%. Battery maker LG Energy Solution climbed 1.16%.

Hyundai Motor and sister automaker Kia Corp were up 0.69% and 0.48%, respectively. Steelmaker POSCO Holdings shed 0.49%, while drugmaker Samsung BioLogics fell 0.67%.

Of the total 935 traded issues, 379 shares advanced, while 498 declined.

Foreigners were net sellers of shares worth 78.7 billion won ($56.92 million).

The won was quoted at 1,382.0 per dollar on the onshore settlement platform, 0.19% lower than its previous close at 1,379.4.

money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.46.

The most liquid three-year Korean treasury bond yield fell by 0.1 basis point to 2.409%, while the benchmark 10-year yield fell by 1.4 basis points to 2.789%.