South Korean shares hit more than 3-year high, tracking Wall Street rally
- The benchmark KOSPI added 59.11 points, or 1.92%, to 3,130.81
SEOUL: Round-up of South Korean financial markets:
South Korean shares hit more than three-year high on Tuesday, tracking Wall Street’s overnight rally, as investors digested mixed domestic data.
The benchmark KOSPI added 59.11 points, or 1.92%, to 3,130.81, its highest intraday level since September 27, 2021, as of 0131 GMT.
South Korea’s exports rose in June on strong tech demand but slightly missed market expectations as shipments to the US and China remained weak amid tariff uncertainty.
Factory activity contracted for the fifth straight month in June, though the pace of decline eased, supported by improving domestic economic prospects under the country’s new administration.
“Exports data will set different momentum for each sector,” said Han Ji-young, an analyst at Kiwoom Securities.
Among index heavyweights, chipmaker Samsung Electronics rose 1.67%, while peer SK Hynix lost 0.51%. Battery maker LG Energy Solution added 0.34%.
Hyundai Motor and sister automaker Kia gained 2.21% and 2.17%, respectively. Steelmaker POSCO Holdings grew 4.41%, while drugmaker Samsung BioLogics advanced 0.6%.
Of the total 934 traded issues, 774 advanced and 137 declined.
Foreigners were net buyers of shares worth 205.2 billion won ($152 million).
The won was quoted at 1,349.5 per dollar on the onshore settlement platform, 0.43% higher than Monday’s close of 1,355.3.
In the money and debt markets, September futures on three-year treasury bonds were unchanged at 107.25.
The most liquid three-year Korean treasury bond yield rose 0.2 basis point to 2.460%, while the benchmark 10-year yield gained 0.8 basis point to 2.805%.