July 04, 2024 at 03:01 am EDT
* KOSPI rises, foreigners net buyers
* Korean won strengthens against dollar
* South Korea benchmark bond yield falls
SEOUL, (Reuters) - Round-up of South Korean financial markets:
** South Korean shares hit their highest level on Thursday in more than 29 months as chipmaker Samsung Electronics jumped ahead of its second-quarter earnings, while auto and financial stocks firmed on policy measures to encourage higher dividend payouts.
** The benchmark KOSPI closed up 30.93 points, or 1.11%, at 2,824.94, its highest level since Jan. 21, 2022.
** Samsung Electronics rose 3.42%, a day ahead of its preliminary earnings announcement for the second quarter. The chipmaker is expected to post a 13-fold increase in profit on rising demand for artificial intelligence technology.
** SK Hynix, which supplies high-end chips to Nvidia, fell 2.54%, despite the U.S. chipmaker's 4.6% jump overnight.
** There was a local media report that Samsung's high-end chips passed Nvidia's test for use, but Samsung said the report was inaccurate.
** "If Samsung gets to supply high bandwidth memory chips to Nvidia, that will bring down SK Hynix from its status of exclusive supplier," said Park Kwang-nam, an analyst at Mirae Asset Securities.
** Among sub-indexes, the finance-major index gained 1.80%, the securities-minor index climbed 3.21% and the insurance index jumped 2.21%, while the transport equipment index rose 1.20%.
** Auto and financial stocks have been cited as those which have the potential to pay more dividends to shareholders, which the government seeks to boost with tax exemptions.
** South Korea should try to address the country's high cost of living through structural reforms instead of relying on the central bank to fight it, a Bank of Korea official said.
** Foreigners were net buyers of shares worth 321.6 billion won ($232.90 million).
** The won was quoted at 1,380.4 per dollar on the onshore settlement platform, 0.39% higher than its previous close at 1,385.8.
** The most liquid three-year Korean treasury bond yield fell by 3.8 basis points to 3.125%, while the benchmark 10-year yield fell by 4.9 bps to 3.230%. ($1 = 1,380.8500 won) (Reporting by Jihoon Lee; Editing by Sohini Goswami)

Sumber : Reuters