South Korean shares rise on robust data; battery, biopharma stocks jump
- KOSPI closed up 6.49 points, or 0.23%, at 2,804.31
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose on Monday, as battery and biopharmaceutical stocks jumped after robust economic data.
The won weakened on the first trading day of extended trading hours, while the benchmark bond yield rose.
The benchmark KOSPI closed up 6.49 points, or 0.23%, at 2,804.31.
South Korea’s exports rose for a ninth consecutive month in June, albeit at a slower pace than expected, as robust demand for chips and cars bolstered export recovery in Asia’s fourth-largest economy.
South Korea’s factory activity growth quickened in June to the fastest in 26 months, as new orders jumped on improving global demand, a private-sector survey showed.
“Stocks of recent steep losses rebounded in rotational trading,” said Park Kwang-nam, an analyst at Mirae Asset Securities.
Battery maker LG Energy Solution climbed 6.28%, and peer Samsung SDI gained 3.67%, while biopharmaceutical manufacturers Samsung Biologics and Celltrion rose 4.40% and 5.62%, respectively.
Among other index heavyweights, automakers fell, while chipmakers were little changed.
Of the total 930 traded issues, 381 shares advanced, while 495 declined.
Foreigners were net sellers of shares worth 64.7 billion won ($46.91 million) on the main board.
The won was quoted at 1,379.3 per dollar on the onshore settlement platform, 0.19% lower than its previous close at 1,376.7.
Dollar-won trading hours from Monday will be 9 a.m. to 2 a.m. (0000 GMT to 1700 GMT), compared to 9 a.m. to 3:30 p.m. (0000 GMT to 0630 GMT) earlier.
In money and debt markets, September futures on three-year treasury bonds fell 0.10 point to 105.10.
The most liquid three-year Korean treasury bond yield rose by 7.5 basis points to 3.218%, while the benchmark 10-year yield rose by 4.5 basis points to 3.327%.
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