Automakers boost South Korean shares higher
- The benchmark KOSPI added 12.43 points, or 0.4%, to 3,116.07
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose on Wednesday to their highest levels since September 2021, led by gains in automakers on demand optimism. The won strengthened, while the benchmark bond yield fell.
The benchmark KOSPI added 12.43 points, or 0.4%, to 3,116.07 as of 0129 GMT, building on its nearly 3% gain on Tuesday.
Hyundai Motor and sister automaker Kia rose 5.34% and 4.75%, respectively, pulling the benchmark index higher.
US consumer confidence deteriorated unexpectedly in June as households increasingly worried about job availability. However, the purchasing plans for cars were steady at their highest since December 2024.
South Korea’s auto exports jumped 9.2% in the first 20 days of June, data showed earlier this week.
Among other index heavyweights, chipmaker Samsung Electronics rose 0.17% and peer SK Hynix gained 2.87%. Battery maker LG Energy Solution lost 0.67%.
Steelmaker POSCO Holdings added 2.09%, while drugmaker Samsung BioLogics fell 0.1%.
Of the total 934 traded issues, 466 advanced and 418 declined.
Foreigners were net sellers of shares worth 218.2 billion won ($160.6 million).
The won was quoted at 1,358.1 per dollar on the onshore settlement platform, 0.24% higher than Tuesday’s close of 1,361.4.
In money and debt markets, September futures on three-year treasury bonds gained 0.05 point to 107.22.
The most liquid three-year Korean treasury bond yield fell 0.8 basis point to 2.448%, while the benchmark 10-year yield shed 1.6 basis points to 2.814%.