South Korean stocks open higher after US inflation data
- KOSPI was up 35.97 points, or 1.50%, at 2,439.74
SEOUL: Round-up of South Korean financial markets:
South Korean shares set to post weekly loss on hawkish Fed
- South Korean shares opened higher on Monday after the Federal Reserve’s preferred inflation data came in below expectations, reigniting rate-cut bets. The won strengthened, while the benchmark bond yield rose.
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The benchmark KOSPI was up 35.97 points, or 1.50%, at 2,439.74, as of 0156 GMT.
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Among index heavyweights, chipmaker Samsung Electronics rose 1.51% and peer SK Hynix gained 2.85%, while battery maker LG Energy Solution slid 1.26%.
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Hyundai Motor added 1.90% and sister automaker Kia Corp lost 0.40%, while search engine Naver and instant messenger Kakao were down 3.57% and down 2.45%, respectively.
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US consumer spending increased in November amid strong demand for a range of goods and services, underscoring the economy’s resilience, which prompted the Federal Reserve earlier last week to project fewer rate cuts in 2025 than it had in September.
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The report from the Commerce Department on Friday showed moderate monthly rises in prices, with a measure of underlying inflation posting its smallest gain in six months.
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Of the total 941 traded issues, 655 shares advanced, while 236 declined.
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Foreigners were net buyers of shares worth 66.7 billion won on the main board.
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The won was quoted at 1,447.6 per dollar on the onshore settlement platform, 0.06% higher than its previous close at 1,448.5.
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In offshore trading, the won was quoted at 1,446.6 per dollar, down 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,445.4.
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The KOSPI has fallen 8.12% this year, and lost 6.1% in the previous 30 trading sessions.
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The won has lost 11.0% against the dollar this year.
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In money and debt markets, March futures on three-year treasury bonds rose 0.04 point to 106.81.
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The most liquid three-year Korean treasury bond yield fell by 2.4 basis points to 2.606%, while the benchmark 10-year yield rose by 2.6 basis points to 2.839%.
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