SEOUL: Round-up of South Korean financial markets:
South Korean shares set to post weekly loss on hawkish Fed
– South Korean shares opened higher on Monday after the Federal Reserve’s preferred inflation data came in below expectations, reigniting rate-cut bets. The won strengthened, while the benchmark bond yield rose.
The benchmark KOSPI was up 35.97 points, or 1.50%, at 2,439.74, as of 0156 GMT.
Among index heavyweights, chipmaker Samsung Electronics rose 1.51% and peer SK Hynix gained 2.85%, while battery maker LG Energy Solution slid 1.26%.
Hyundai Motor added 1.90% and sister automaker Kia Corp lost 0.40%, while search engine Naver and instant messenger Kakao were down 3.57% and down 2.45%, respectively.
US consumer spending increased in November amid strong demand for a range of goods and services, underscoring the economy’s resilience, which prompted the Federal Reserve earlier last week to project fewer rate cuts in 2025 than it had in September.
The report from the Commerce Department on Friday showed moderate monthly rises in prices, with a measure of underlying inflation posting its smallest gain in six months.
Of the total 941 traded issues, 655 shares advanced, while 236 declined.
Foreigners were net buyers of shares worth 66.7 billion won on the main board.
The won was quoted at 1,447.6 per dollar on the onshore settlement platform, 0.06% higher than its previous close at 1,448.5.
In offshore trading, the won was quoted at 1,446.6 per dollar, down 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,445.4.
The KOSPI has fallen 8.12% this year, and lost 6.1% in the previous 30 trading sessions.
The won has lost 11.0% against the dollar this year.
In money and debt markets, March futures on three-year treasury bonds rose 0.04 point to 106.81.
The most liquid three-year Korean treasury bond yield fell by 2.4 basis points to 2.606%, while the benchmark 10-year yield rose by 2.6 basis points to 2.839%.
Source: Brecorder
