South Korean shares extend rally on post-election hopes, US-China trade talks
- The benchmark KOSPI was up 47.58 points, or 1.69%, at 2,859.63
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose for a fourth straight session on Monday, hitting a near 11-month high on post-election policy hopes, while investor focus was also on the US-China trade talks.
The benchmark KOSPI was up 47.58 points, or 1.69%, at 2,859.63, as of 0123 GMT, touching its highest level since July 17, 2024.
US President Donald Trump’s top aides will meet with their Chinese counterparts in London later in the day for talks aimed at resolving a trade dispute between the world’s two largest economies that has kept global markets on edge.
Trump and South Korea’s new president Lee Jae-myung agreed to work toward a swift tariff deal in their first phone call since Lee was elected this week, Lee’s office said on Friday.
Among index heavyweights, chipmaker Samsung Electronics rose 2.03%, while peer SK Hynix gained 2.67%. Battery maker LG Energy Solution slid 2.23%.
Hyundai Motor and sister automaker Kia Corp were up 3.96% and 2.90%, respectively. Steelmaker POSCO Holdings added 0.97%, while drugmaker Samsung BioLogics rose 0.39%.
Of the total 937 traded issues, 696 shares advanced, while 212 declined.
Foreigners were net buyers of shares worth 244.8 billion won ($180.16 million).
The won was quoted at 1,363.5 per dollar on the onshore settlement platform, 0.51% lower than its previous close at 1,356.5.
In money and debt markets, June futures on three-year treasury bonds lost 0.08 point to 107.18.
The most liquid three-year Korean treasury bond yield rose by 3.6 basis points to 2.449%, while the benchmark 10-year yield rose by 1.4 basis points to 2.907%.