May 7, 2024 at 6:47 am GMT
- KOSPI rises, foreigners net buyers
- Korean won strengthens against dollar
- South Korea benchmark bond yield falls
SEOUL (Reuters) -South Korean shares logged on Tuesday their sharpest daily gain in more than six weeks, tracking strong overnight performance in Wall Street, as traders bet on the prospect the U.S. Federal Reserve may start cutting interest rates this year.
** The won strengthened, while the benchmark bond yield fell.
** The benchmark KOSPI .KS11 ended higher at 57.71 points, or 2.16%, at 2,734.34, the sharpest daily gain since March 21.
** Data on Friday showed U.S. job growth slowed more than expected in April, taking pressure off the central bank to keep rates higher for longer.
** Among index heavyweights, South Korean chipmaker Samsung Electronics 005930.KS rose 4.7% and peer SK Hynix 000660.KS gained 3.7%, while battery maker LG Energy Solution 373220.KS climbed 0.1%.
** Shares of Hyundai Motor 005380.KS added 0.4% and sister automaker Kia Corp 000270.KS gained 1.6%, while search engine Naver 035420.KS and instant messenger Kakao 035720.KS edged up 0.1% and 1.02%, respectively.
** Of the total 933 traded issues, 585 shares advanced, while 286 declined.
** Foreigners were net buyers of shares worth 980.1 billion won on the main board on Tuesday.
** The won ended onshore trade KRW=KFTC at 1,360.1 per dollar, 0.20% higher than its previous close at 1,362.8.
** In offshore trading, the won KRW= was quoted at 1,360.0 per dollar, down 0.4% on the day, while in non-deliverable forward trading its one-month contract KRW1MNDFOR= was quoted at 1,356.8.
** The KOSPI has risen 2.9% so far this year, but lost 2.8% in the previous 30 trading sessions.
** The won has lost 5.3% against the dollar so far this year.
** In money and debt markets, June futures on three-year treasury bonds KTBc1 rose 0.18 point to 104.32.
** The most liquid three-year Korean treasury bond yield fell by 4.4 basis points to 3.455%, while the benchmark 10-year yield fell by 7.1 basis points to 3.540%.
Reporting by Cynthia Kim; Editing by Sherry Jacob-Phillips
Sumber : Reuters
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