Korea stocks gain for second day on foreign buying

03-Dec-2021 Intellasia | Reuters | 5:02 AM Print This Post

Round-up of South Korean financial markets:

** South Korean shares rose for a second session on Thursday, boosted by strong buying from foreign investors on expectations of chip shortage issues bottoming out for the sector. The Korean won strengthened, while the benchmark bond yield fell.

** The benchmark KOSPI (.KS11) rose 32.16 points, or 1.11%, to 2,931.88 as of 0310 GMT, but record local COVID-19 cases capped gains.

** Han Ji-young, an analyst at Kiwoom Securities, said foreign investors are snapping up tech shares on views that the chip shortage will improve, and investors are hoping the economic impact from the Omicron coronavirus variant may be limited, as it will be difficult to impose lockup measures to contain the virus.

** Among the heavyweights, technology giant Samsung Electronics (005930.KS) rose 1.08 percent and peer SK Hynix (000660.KS) rose 3%, while LG Chem (051910.KS) inched up 0.14 percent and Naver (035420.KS) jumped 1.92%.

** South Korea’s daily coronavirus case numbers rose to a new high on Thursday, as authorities halted quarantine exemptions for fully vaccinated inbound travellers for two weeks in a bid to fend off the Omicron variant.

** Foreigners were net buyers of 359 billion won worth of shares on the main board.

** The won was quoted at 1,176.8 per dollar on the onshore settlement platform, 0.20 percent higher than its previous close at 1,179.2.

** In offshore trading, the won was quoted at 1,176.7 per dollar, up 0.0 percent from the previous day, while in non-deliverable forward trading, its one-month contract was quoted at 1,176.6.

** The KOSPI has risen 2.03 percent so far this year, but lost 3.8 percent in the previous 30 trading sessions.

** The most liquid 3-year Korean treasury bond yield fell by 2.3 basis points to 1.789%, while the benchmark 10-year yield fell by 2.1 basis points to 2.160%.



Category: Korea

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