South Korean stocks close higher with key US inflation data in focus
- KOSPI rose 8.64 points, or 0.33%, to 2,602.01
SEOUL: Round-up of South Korean financial markets:
South Korean shares closed higher on Monday, with investors awaiting a key U.S. inflation report, due later this week, that could bolster expectations for more rate cuts in the months ahead. The won weakened, while the benchmark bond yield rose.
The benchmark KOSPI rose 8.64 points, or 0.33%, to 2,602.01 by 0630 GMT close.
Among index heavyweights, chipmaker Samsung Electronics fell 0.63% and peer SK Hynix gained 3.12%, while battery maker LG Energy Solution climbed 0.89%.
Hyundai Motor shed 0.60% and sister automaker Kia Corp lost 2.27%, while search engine Naver and instant messenger Kakao were up 4.25% and up 1.72%, respectively.
South Korea’s exports for the first 20 days of September declined 1.1% from a year earlier.
Central banks of Switzerland and Sweden will meet on Thursday and Wednesday, respectively, and are expected to cut rates.
South Korean shares gain more than 1% as chip, auto stocks jump
In the United States, data coming this week includes reports on manufacturing, consumer confidence and durable goods, as well as the personal consumption expenditures price index, a key inflation measure.
Of the total 935 traded issues, 437 shares advanced, while 451 declined.
Foreigners were net sellers of shares worth 720.6 billion won on the main board.
The won was quoted at 1,335.9 per dollar on the onshore settlement platform, 0.22% lower than its previous close at 1,333.0.
The KOSPI has fallen 2.01% this year, and gained 6.2% in the previous 30 sessions.
The won has lost 3.6% against the dollar this year.
In money and debt markets, December futures on three-year treasury bonds fell 0.11 point to 106.21.
The most liquid three-year Korean treasury bond yield rose by 3.2 basis points to 2.868%, while the benchmark 10-year yield rose by 3.2 basis points to 3.021%.
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