South Korean stocks close higher ahead of US inflation data
- KOSPI rose 23.00 points, or 0.88%, to 2,644.50
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose on Wednesday on expectations that the upcoming U.S. inflation data will allow the Federal Reserve to start cutting interest rates soon. The won strengthened, while the benchmark bond yield fell.
South Korean markets will be closed on Thursday for a public holiday.
The benchmark KOSPI rose 23.00 points, or 0.88%, to 2,644.50 by 06:30 GMT.
Among index heavyweights, chipmaker Samsung Electronics rose 1.45%, peer SK Hynix gained 2.64%, and battery maker LG Energy Solution climbed 2.28%.
Hyundai Motor shed 0.82%, sister automaker Kia Corp lost 0.49%, while search engine Naver and instant messenger Kakao were up 0.58% and up 1.10%, respectively.
South Korea’s unemployment rate decreased to 2.5% in July on a seasonally adjusted basis, from 2.8% in June, Statistics Korea data showed on Wednesday.
South Korean shares rebound as US recession fears ease
The U.S. producer price index for final demand increased 0.1% from a month ago in evidence of waning inflation pressures. Investors are waiting for the consumer price index later on Wednesday.
Of the total 936 traded issues, 652 shares advanced, while 236 declined.
Foreigners were net buyers of shares worth about 390 billion won on the main board on Wednesday.
The won was quoted at 1,358.2 per dollar on the onshore settlement platform, 0.61% higher than its previous close at 1,366.5.
In offshore trading, the won was quoted at 1,355.6 per dollar, up 0.4% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,352.8.
The KOSPI has fallen 0.41% so far this year, and lost 5.7% in the previous 30 trading sessions.
The won has lost 5.2% against the dollar so far this year.
In money and debt markets, September futures on three-year treasury bonds rose 0.09 points to 106.07.
The most liquid three-year Korean treasury bond yield fell by 3.3 basis points to 2.883%, while the benchmark 10-year yield fell by 2.4 basis points to 2.950%.
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