SEOUL: Round-up of South Korean financial markets:
South Korean stocks slip as US jobs data curbs rate-cut bets
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.
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.
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.
On Jan. 3, when investigators first attempted to arrest Yoon, the KOSPI jumped 1.8%. The attempt failed, however.
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.
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.
Samsung Electronics rose 0.19% and peer SK Hynix gained 2.10%, tracking the Philadelphia Semiconductor Index’s 0.5% rise overnight.
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.
Of the total 941 traded issues, 399 advanced and 469 declined.
Foreigners net bought shares worth 74.1 billion won ($50.7 million).
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.
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%.