South Korean stocks climb on AI optimism
- The benchmark KOSPI was up 19.03 points, or 0.73%, at 2,610.08
SEOUL: Round-up of South Korean financial markets:
South Korean shares rise; domestic political developments in focus
South Korean shares climbed on Monday, driven by AI optimism in tech stocks and upbeat performances in stock markets in China, South Korea’s biggest trading partner. The won strengthened, and the benchmark bond yield fell.
The benchmark KOSPI was up 19.03 points, or 0.73%, at 2,610.08, as of 03:31 GMT.
Among index heavyweights, chipmaker Samsung Electronics rose 0.3% and peer SK Hynix gained 1.67% while battery maker LG Energy Solution climbed 0.42%.
Shares of Tenent jump as much as 7.8% to HK$512, their highest levels since July 2021, and on course for a second session of gains.
Hyundai Motor shed 2.91% and sister automaker Kia Corp lost 1.26%, while search engine Naver and instant messenger Kakao were down 0.45% and up 0.90%, respectively.
Of the total 940 traded issues, 603 shares advanced, while 282 declined.
Foreigners were net sellers of shares worth 162.8 billion won on the main board on Monday.
The won was quoted at 1,440.7 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,441.9.
In offshore trading, the won was quoted at 1,440.4 per dollar, down 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,438.2.
The KOSPI has risen 8.78% so far this year, and gained 6.6% in the previous 30 trading sessions.
The won has gained 2.2% against the dollar so far this year.
In money and debt markets, March futures on three-year treasury bonds rose 0.02 point to 106.74.
The most liquid three-year Korean treasury bond yield fell by 0.6 basis points to 2.605%, while the benchmark 10-year yield dropped 0.3 basis points to 2.843%.