South Korean shares rise; domestic political developments in focus
- The benchmark KOSPI gained 9.21 points, or 0.37%, to 2,506.61
SEOUL: Round-up of South Korean financial markets:
South Korean stocks slip as US jobs data curbs rate-cut bets
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South Korean shares rose on Wednesday as investors’ focus remained on the local political developments, with investigating authorities seeking to arrest impeached President Yoon Suk Yeol.
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The benchmark KOSPI gained 9.21 points, or 0.37%, to 2,506.61 as of 0121 GMT, after rising more than 1% earlier in the day.
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Authorities attempted to enter Yoon’s residence this morning in a fresh bid to arrest him over insurrection accusations related to his Dec. 3, 2024, martial law declaration.
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On Jan. 3, when investigators first attempted to arrest Yoon, the KOSPI jumped 1.8%. The attempt failed, however.
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South Korea’s jobless rate jumped to the highest in 3-1/2 years in December 2024, as political turmoil stoked economic uncertainty and dampened sentiment.
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The Bank of Korea is expected to lower interest rates by 25 basis points for the third straight meeting on Thursday, a month earlier than previously anticipated, although a weak local currency will likely pose a headache to policymakers.
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Samsung Electronics rose 0.19% and peer SK Hynix gained 2.10%, tracking the Philadelphia Semiconductor Index’s 0.5% rise overnight.
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Battery maker LG Energy Solution slid 1.12% after main customer Tesla shed 1.7%. Peers Samsung SDI and SK Innovation fell 2.1% and 1.1%, respectively. Battery materials makers also weakened.
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Of the total 941 traded issues, 399 advanced and 469 declined.
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Foreigners net bought shares worth 74.1 billion won ($50.7 million).
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The won was quoted at 1,461.1 per US dollar on the onshore settlement platform, 0.06% higher than Tuesday’s close of 1,462.0.
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The most liquid three-year Korean treasury bond yield rose by 2.6 bps to 2.663%, while the benchmark 10-year yield rose by 1.5 bps to 2.849%.
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