SEOUL: Round-up of South Korean financial markets:
South Korea stocks extend gains to sixth session on further US rate cut hopes
South Korean shares were little changed on Wednesday after a six-session winning run, as losses in financials countered gains in chipmakers.
The benchmark KOSPI was down 2.27 points, or 0.09%, at 2,629.41 as of 0312 GMT, after hitting a three-week high in the previous session.
Chipmaker Samsung Electronics rose 0.16% and peer SK Hynix jumped 2.32%, tracking overnight gains in US peers. ** The finance-major index and the securities-minor index dropped more than 2% each. Financial stocks are seen among the major gainers of the government’s market reform push.
After market hours on Tuesday, the Korea Exchange said it would launch a new stock index, which includes some financial firms, to support the “Corporate Value-up Programme” aimed at boosting the local equity market’s valuations.
Finance Minister Choi Sang-mok said on Wednesday that the government’s policy priority was more focused on tackling slowing domestic demand than rising household debt in the short term.
Among other index heavyweights, e-commerce firms and battery stocks rose, while automakers and biopharmaceutical manufacturers fell.
Of the total 933 traded issues, 504 shares advanced, while 361 declined.
Foreigners were net sellers of shares worth 327.6 billion won ($246.37 million).
The won was quoted at 1,329.1 per dollar on the onshore settlement platform, 0.10% higher than its previous close at 1,330.4.
In money and debt markets, December futures on three-year treasury bonds rose 0.05 point to 106.28.
The most liquid three-year Korean treasury bond yield rose by 1.1 basis points to 2.847%, while the benchmark 10-year yield was flat at 3.016%.
Source: Brecorder
