S.Korean shares recoup early losses as chip, auto stocks gain despite reform doubts

Hanmi Semiconductor Co

11/04/2024 08:15

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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:*:nL2N3GK036
    

  
       SEOUL, April 11 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares recouped early losses to end
marginally higher on Thursday, as foreigners scooped up chip and
auto stocks even though investor doubts over the government's
corporate reform plan persisted. 
    ** The won weakened and the benchmark bond yield rose, after
higher-than-expected U.S. inflation data. 
    ** The benchmark KOSPI  .KS11  closed up 1.80 points, or
0.07%, at 2,706.96, after falling as much as 1.6% in early
trade.
    ** Foreigners were net buyers of shares worth 1.06 trillion
won ($776.41 million) on the main board, their biggest daily
purchase since March 21. 
    ** Chipmaker Samsung Electronics  005930.KS  rose 0.60% and
peer SK Hynix  000660.KS  jumped 3.01%. Hyundai Motor
 005380.KS  and sister automaker Kia Corp  000270.KS  climbed
5.70% and 3.43%, respectively. 
    ** U.S. consumer prices rose more than expected in March,
data showed on Wednesday, with markets now expecting the Federal
Reserve to delay cutting interest rates until September.
    ** The benchmark index rebounded during the session, led by
shares of major exporters whose earnings are expected to remain
robust despite a delay in U.S. rate cuts, analysts said. 
    ** The South Korean parliamentary election, in which liberal
opposition parties' landslide victory dealt a blow to President
Yoon Suk Yeol and his conservative party, did not move the
needle much.
    ** "The market had started to price in the election before
the results," according to Joon Seok, Korea Equity Strategist at
Morgan Stanley. "There were bids waiting below in case there
were big negative reactions on the downside."
    ** The finance-major index  .KS49  fell 1.53% and the
securities-minor index  .KS53  dropped 2.33%, after the election
turnout clouded the prospect of proposed corporate tax cuts.
    ** Hanmi Semiconductor  042700.KS  jumped 6.62% after it won
a 22.6-billion-won order.
    ** The won ended onshore trade  KRW=KFTC  0.67% lower at
1,364.1 per dollar, after opening the session at a 17-month low
of 1,365.0.
    ** The most liquid three-year Korean treasury bond yield
rose by 7.8 basis points to 3.468%, while the benchmark 10-year
yield rose by 8.5 basis points to 3.586%. They hit their highest
since mid-December. 

($1 = 1,365.2500 won)

 (Reporting by Jihoon Lee; Editing by Janane Venkatraman
)
 ((jihoon.lee@thomsonreuters.com;))