South Korean shares rebound as policymakers pledge to stabilise markets
- KOSPI was up 52.29 points, or 2.22%, at 2,412.87
SEOUL: Round-up of South Korean financial markets:
South Korea shares drop as political turmoil continues after President Yoon survives impeachment
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South Korean shares rose more than 2% on Tuesday, rebounding sharply from a 13-month low, as authorities reaffirmed their decision to stabilise markets. The won strengthened, while the benchmark bond yield fell.
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The benchmark KOSPI was up 52.29 points, or 2.22%, at 2,412.87, as of 0158 GMT.
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This followed a 2.8% drop in the KOSPI on Monday, which pushed the index to its lowest level since Nov. 2, 2023, after an impeachment motion against President Yoon Suk Yeol failed over the weekend.
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South Korea’s financial authorities said on Tuesday that volatility was a little excessive in financial markets recently and they would respond actively with stabilising measures.
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The country’s main opposition party said it would pass a government budget bill for 2025 that triggered President Yoon’s martial law decree last week, at a plenary session scheduled to be held later in the day.
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Most index heavyweights rose, led by battery makers, automakers and e-commerce firms.
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Shares of chipmaker Samsung Electronics rose 1.12%, while peer SK Hynix was trading flat.
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Of the total 936 traded issues, 878 shares advanced, while 45 declined.
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Foreigners were net sellers of shares worth 29.1 billion won ($20.39 million).
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The won was quoted at 1,427.3 per dollar on the onshore settlement platform, 0.54% higher than its previous close at 1,435.0.
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In money and debt markets, December futures on three-year treasury bonds fell 0.03 point to 106.86.
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The most liquid three-year Korean treasury bond yield fell by 5.9 basis points to 2.517%, while the benchmark 10-year yield fell 5.9 basis points to 2.641%.
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