South Korean shares end week with biggest rise in 2 months
- The benchmark KOSPI eased 6.12 points, or 0.24%, to 2,515.78
SEOUL: Round-up of South Korean financial markets:
South Korean shares flat as auto gains counter battery losses
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South Korean shares snapped five sessions of gains on Friday on caution ahead of US employment data due later in the day, but logged the biggest weekly rise in two months.
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The benchmark KOSPI eased 6.12 points, or 0.24%, to 2,515.78.
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The KOSPI rose 3% for the week, extending its winning streak to a third straight week and marking its biggest weekly rise since mid-November 2024.
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South Korea’s acting president Choi Sang-mok said the government would make an all-out effort to stabilise the economy and monitor financial markets round the clock to act if needed.
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Hyundai Motor jumped 6.1% on a partnership agreement with Nvidia for artificial intelligence (AI) technologies. Sister automaker Kia added 2.23%.
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But most other index heavyweights fell, including chipmakers, battery manufacturers, e-commerce firms and biopharmaceutical stocks.
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“The market took a breather after recent sharp gains, while there also was caution ahead of US employment data due later in the day,” said Lee Kyoung-min, an analyst at Daishin Securities.
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US job growth likely slowed to a still-healthy clip last month, while the unemployment rate held steady at 4.2%, a Reuters poll showed, reinforcing the Federal Reserve’s cautious approach toward interest rate cuts this year.
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Of the total 944 traded issues, 463 advanced and 410 declined.
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Foreigners net sold shares worth 20.5 billion won ($14 million).
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The won was quoted at 1,465.0 per US dollar on the onshore settlement platform, 0.34% below Thursday’s close at 1,460.0.
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In money and debt markets, March futures on three-year treasury bonds fell 0.13 point to 106.87.
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The most liquid three-year Korean treasury bond yield rose by 5.2 basis points to 2.552%, while the benchmark 10-year yield rose by 4.5 basis points to 2.828%.
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