S.Korean shares hit 19-month high on biopharma, e-commerce boost

Celltrion

02/01/2024 07:04

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      KOSPI rises, foreigners net buyers
    

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      Korean won weakens against dollar
    

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      South Korea benchmark bond yield rises
    

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      For the midday report, please click  urn:newsml:reuters.com:*:nL1N3DS050
    

  
       SEOUL, Jan 2 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares ended the first trading day of 2024
with a gain and hit a 19-month high on boost from
biopharmaceutical and e-commerce stocks. 
    ** The won weakened, while the benchmark bond yield rose.
    ** The benchmark KOSPI  .KS11  closed up 14.53 points, or
0.55%, at 2,669.81 on Tuesday. It was the highest since June 3,
2022. 
    ** "The gain on the index was led by a steep jump in
biopharmaceutical stocks, while foreigners bought chipmakers on
hopes for an improvement in demand," said Seo Sang-young, an
analyst at Mirae Asset Securities. 
    ** South Korea's exports rose for a third month in December
but at a slower pace as weaker demand for Korean goods in China
offset robust global sales for semiconductors.
    ** Biopharmaceutical manufacturer Celltrion  068270.KS 
surged 14.89%, posting its best day since late March 2020. Peer
Samsung Biologics  207940.KS  gained 3.82%. 
    ** Instant messenger Kakao  035720.KS  jumped 6.63%, while
search engine Naver  035420.KS  rose 1.56%. 
    ** Among other index heavyweights, chipmakers rose, but
automakers fell, while battery makers were mixed. 
    ** Of the total 939 traded issues, 440 shares advanced,
while 450 declined.
    ** Foreigners were net buyers of shares worth 227.2 billion
won ($174.72 million) for the day on the main board. 
    ** The won ended onshore trade  KRW=KFTC  at 1,300.4 per
dollar, 0.95% lower than its previous close at 1,288.0. 
    ** It was the first day South Korean authorities opened the
interbank foreign exchange market to foreign financial
institutions under a pilot programme.
    ** In money and debt markets, March futures on three-year
treasury bonds  KTBc1  fell 0.34 point to 105.09.
    ** The most liquid three-year Korean treasury bond yield
rose by 8.7 basis points to 3.232%, while the benchmark 10-year
yield rose by 13.4 basis points to 3.309%.

($1 = 1,300.3400 won)

 (Reporting by Jihoon Lee; Editing by Mrigank Dhaniwala)
 ((jihoon.lee@thomsonreuters.com;))