S.Korea stocks gain on upbeat trade data, Biden's infra plan

Korean won weakens against U.S. dollar

  
A currency dealer walks past electronic boards showing the Korea Composite Stock Price Index (KOSPI) and the exchange rate between the U.S. dollar and South Korean won at a dealing room of a bank, in Seoul, South Korea, November 5, 2020.

A currency dealer walks past electronic boards showing the Korea Composite Stock Price Index (KOSPI) and the exchange rate between the U.S. dollar and South Korean won at a dealing room of a bank, in Seoul, South Korea, November 5, 2020.

REUTERS/Kim Hong-Ji

SEOUL: Round-up of South Korean financial markets:

South Korean shares ended higher on Thursday, driven by gains in chip heavyweights and foreign buying, as a double-digit expansion in exports and hopes that the U.S. President Joe Biden's infrastructure plan will boost recovery lifted investor sentiment.

The won was nearly unchanged, while the benchmark bond yield fell.

The KOSPI closed up 25.98 points, or 0.85%, at 3,087.40, rebounding from a 0.28% fall on Wednesday.

The nation's exports in March expanded for a fifth straight month and by 16.6% year-on-year, thanks to robust demand for chips and petrochemical products. 

On the heels of a $1.9 trillion pandemic relief package, U.S. President Joe Biden on Wednesday outlined a broad $2 trillion proposal to re-make the world's biggest economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture. 

Chip heavyweights Samsung Electronics and SK Hynix jumped 1.84% and 6.04% each, leading the benchmark gains, while battery maker LG Chem and internet giant Naver also added 1.74% and 0.40%, respectively.

Foreigners were net buyers of 562.6 billion won ($497.19 million) worth of shares on the main board.

The won ended at 1,131.9 per dollar on the onshore settlement platform, 0.01% lower than its previous close at 1,131.8.

In offshore trading, the won was quoted at 1,131.8 per dollar, down 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,131.9.

In money and debt markets, June futures on three-year treasury bonds KTBc1 was unchanged at 110.79.

The most liquid 3-year Korean treasury bond yield rose by 0.9 basis points to 1.142%, while the benchmark 10-year yield fell by 1.9 basis points to 2.038%.

($1 = 1,131.5700 won)

(Reporting by Joori Roh; Editing by Rashmi Aich) ((joori.roh@thomsonreuters.com; +82 2 6936 1493;))


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