South Korean shares hit record high with earnings in focus
- The benchmark KOSPI was up 80.04 points, or 1.21%, at 6,695.07
SEOUL: Round-up of South Korean financial markets:
South Korean shares hit a record high on Tuesday, led by gains in automakers and steel manufacturers, with investor focus on major corporate earnings releases.
The benchmark KOSPI was up 80.04 points, or 1.21%, at 6,695.07, as of 0132 GMT, hitting its highest intraday level on record.
“The market today is seen to be in a transition into rotational trading as investors digest earnings events,” said Han Ji-young, an analyst at Kiwoom Securities.
Investors will focus on the earnings reports of major US technology companies for clues on global artificial intelligence investments and their impact on semiconductor demand. Domestic heavyweights, including Samsung Electronics , will also report their earnings.
On the macroeconomic front, South Korea will release its monthly trade data for April later this week.
Hyundai Motor and sister automaker Kia Corp were up 7.54% and 3.47%, respectively, while steelmaker POSCO Holdings added 11.74% and Hyundai Steel climbed 3.44%.
Most other index heavyweights also advanced, including drugmakers, battery makers and e-commerce firms.
Chipmaker Samsung Electronics rose 0.22% and peer SK Hynix gained 2.40%, after starting the session lower on overnight losses in the Philadelphia Semiconductor Index .
Of the total 889 traded issues, 466 shares advanced, while 372 declined.
Foreigners were net buyers of shares worth 95.4 billion won ($64.74 million).
The won was quoted at 1,473.4 per dollar on the onshore settlement platform, 0.01% higher than its previous close at 1,473.6.
In money and debt markets, June futures on three-year treasury bonds lost 0.03 point to 103.81.
The most liquid three-year Korean treasury bond yield rose by 1.6 basis points to 3.507%, while the benchmark 10-year yield rose by 2.0 basis points to 3.842%.‑Reuters
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