South Korean shares end higher on dip-buying; Fed rate decision in focus

Kakao

18/12/2024 07:04

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      KOSPI rises, foreigners net buyers
    

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      Korean won strengthens against US dollar
    

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      South Korea benchmark bond yield falls
    

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      For the midday report, please click  urn:newsml:reuters.com:*:nL1N3NJ03N
    

  
       SEOUL, Dec 18 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares rose on Wednesday due to dip-buying
after two sessions of losses, while investors focussed on the
outcome of the U.S. Federal Reserve's last policy meeting of
2024.
    ** The won strengthened, while the benchmark bond yield
fell.
    ** The KOSPI  .KS11  closed up 27.62 points, or 1.12%, at
2,484.43.
    ** "It is expected there will be dip-buying after
yesterday's over-selling, but the upside will be limited ahead
of the Fed's meeting result," said Han Ji-young, an analyst at
Kiwoom Securities.
    ** The U.S. central bank is expected to lower interest rates
by a quarter percentage point at its meeting ending later in the
day.
    ** "Investors could have taken a wait-and-see stance ahead
of the Fed's rate decision, but there were more of them seeing
the market's recent sell-off as excessive," said Lee Kyoung-min,
an analyst at Daishin Securities.
    ** Among index heavyweights, chipmaker Samsung Electronics
 005930.KS  rose 1.29%, but peer SK Hynix  000660.KS  lost
0.27%. Battery maker LG Energy Solution  373220.KS  slid 0.26%.
    ** Hyundai  005380.KS  added 4.84% and sister automaker Kia
 000270.KS  gained 6.37%. Search engine Naver  035420.KS  and
instant messenger Kakao  035720.KS  firmed 1.43% and 1.28%,
respectively.
    ** Of the total 940 traded issues, 583 advanced and 306
declined.
    ** Foreigners net bought shares worth 267.6 billion won
($186.5 million) on the main board.
    ** The won was quoted at 1,435.5 per U.S. dollar on the
onshore settlement platform  KRW=KFTC , 0.11% higher than its
previous close at 1,437.1.
    ** In money and debt markets, March futures on three-year
treasury bonds  KTBc1  rose 0.27 point to 107.12.
    ** The most liquid three-year Korean treasury bond yield
 KR3YT=RR  dropped by 6.9 basis points to 2.553%, while the
benchmark 10-year yield  KR10YT=RR  fell by 4.2 basis points to
2.738%.

($1 = 1,435.0700 won)

 (Reporting by Jihoon Lee; Editing by Sumana Nandy)
 ((jihoon.lee@thomsonreuters.com;))