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South Korean shares hit 7-week high as US data raises rate-cut bets


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South Korean shares hit 7-week high as US data raises rate-cut bets

KOSPI rises, foreigners net buyers

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Korean won strengthens against dollar

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South Korea benchmark bond yield falls

SEOUL, – Round-up of South Korean financial markets:

** South Korean shares climbed on Thursday to their highest levels in seven weeks, as data showed U.S. consumer prices rose less than expected in April, boosting chances of the Federal Reserve cutting interest rates in September.

** The won hit its highest levels in more than a month, while the benchmark bond yield fell.

** The benchmark KOSPI rose as much as 1.58% to hit its highest intraday level since March 26, before paring early gains to trade up 0.84%, as of 0205 GMT.

** U.S. consumer prices increased less than expected in April, data showed on Wednesday, suggesting that inflation resumed its downward trend at the start of the second quarter.

** South Korean financial markets were closed on Wednesday for a public holiday. ** Among index heavyweights, chipmaker Samsung Electronics rose 0.13% and peer SK Hynix gained 4.21%, while battery maker LG Energy Solution slid 0.39%.

** Shares of SK Innovation fell 1.36% following media reports that it is considering selling its subsidiary SK IE Technology to restructure its battery business. SKIET rose 0.17%.

** Of the total 932 traded issues, 507 shares advanced, while 333 declined.

** Foreigners were net buyers of shares worth 201.3 billion won on the main board.

** The won was quoted at 1,350.9 per dollar on the onshore settlement platform, 1.35% higher than its previous close at 1,369.1.

** During the session, the won strengthened by as much as 1.47% to 1,349.2 against the dollar, its highest level since early April.

** The most liquid three-year Korean treasury bond yield fell by 7.8 basis points to 3.376%, while the benchmark 10-year yield fell 10.3 bps to 3.443%. They hit their lowest levels since early April.

This article was generated from an automated news agency feed without modifications to text.



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