S.Korean stocks rebound on tech boost, easing China property woes

South Korea benchmark bond yield falls

  

SEOUL - Round-up of South Korean financial markets:

** South Korean shares ended higher on Tuesday, boosted by tech heavyweights that tracked Nasdaq's gains and easing concerns over China's property sector. The won strengthened, while the benchmark bond yield fell.

** The benchmark KOSPI .KS11 closed 22.36 points, or 0.74%, higher at 3,029.04, rebounding from a 0.28% fall on Monday and marking the fourth gain in five sessions.

** Chip giants Samsung Electronics005930.KS and SK Hynix 000660.KS gained 0.57% and 0.62%, respectively, while platform companies Naver 035420.KS and Kakao 035720.KS added 2.77% and 4.94% each.

** Battery maker Samsung SDI 207940.KS also soared 3.12% after reports that the company agreed with global automaker Stellantis to jointly produce electric vehicle batteries for the North American market.

** Foreigners were net buyers of 146.4 billion won ($124.16 million) worth of shares on the main board.

** China Evergrande Group's main unit has remitted funds to pay an onshore bond coupon due on Tuesday, while a couple of other property firms made coupon payments this week, helping ease some concerns about the embattled and indebted sector.

** Capping the gains were rising oil prices that recouped earlier losses, as falling temperatures in China revived concerns about its ability to meet heating demand needs amid power and coal shortages.

** The won ended at 1,178.7 per dollar on the onshore settlement platform  , 0.76% higher than its previous close.

** In offshore trading, the won KRW= was quoted at 1,178.4 per dollar, up 0.6% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,178.9.

** In money and debt markets, December futures on three-year treasury bonds KTBc1 rose 0.07 point to 108.62.

** The benchmark 10-year yield fell by 1.9 basis points to 2.380%.

($1 = 1,179.1700 won)

(Reporting by Joori Roh; Editing by Rashmi Aich)


More From Markets