South Korean stocks end higher as Fed's dovish stance calms nerves

SEOUL: Round-up of South Korean financial markets:

** South Korean shares ended higher on Monday after US Federal Reserve Chair Jerome Powell laid out a slower-than-expected path to monetary tightening, calming investor nerves. The won strengthened, while the benchmark bond yield fell.

** The KOSPI closed up 10.29 points, or 0.33%, at 3,144.19.

** Technology giant Samsung Electronics rose 0.40%, leading the gains in the benchmark index, while internet giant Naver and mobile messenger app operator Kakao added 1.90% and 1%, respectively.

** In a long-awaited speech, Federal Reserve Chair Jerome Powell said on Friday the central bank was in no rush to tighten monetary policy but that it could start cutting its asset purchase programme "this year", if the economic recovery goes well.

** South Korea's exports are expected to have expanded for a 10th straight month, a Reuters poll showed, supported by robust demand for key items, even as the resurgence in coronavirus cases weighed on business sentiment. Data on exports is scheduled to be published on Wednesday.

** "The US jobs data this week is closely watched as it an important factor to the Fed's tapering policy," Park Kwang-nam, an analyst at Mirae Asset Securities said.

** Foreigners were net sellers of 237.0 billion won ($203.16 million) worth of shares on the main board.

** The won ended at 1,167.0 per dollar on the onshore settlement platform, 0.19% higher than its previous close at 1,169.2.

** In offshore trading, the won was quoted at 1,166.5 per dollar, down 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,166.6.

** In money and debt markets, September futures on three-year treasury bonds rose 0.07 points to 110.52.

** The most liquid 3-year Korean treasury bond yield fell by 1.0 basis points to 1.399%, while the benchmark 10-year yield fell by 2.4 basis points to 1.915%.