South Korean shares flat as traders await president's impeachment ruling

Kakao

24/03/2025 02:23

Korean won steady against dollar

South Korea benchmark bond yield flat

SEOUL, March 24 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares were little changed on Monday, as investors awaited a court ruling on the president's impeachment, following the reinstatement of the prime minister as acting leader.

** The benchmark KOSPI .KS11 held its ground at 2,643.25, as of 0151 GMT.

** South Korea's Constitutional Court ruled to reinstate Prime Minister Han Duck-soo's powers, marking the latest twist in the country's turbulent politics after his impeachment as acting president more than two months ago.

** The court is expected to rule on the impeachment of President Yoon Suk Yeol in the coming days.

** "The ruling on Han had little market impact because it does not change the political landscape that much," said Huh Jae-hwan, an analyst at Eugene Investment Securities.

** "If the president's impeachment is overturned, that will raise political uncertainty, whereas a new election will raise new hopes."

** Shares of chipmaker Samsung Electronics 005930.KS fell 0.73% and peer SK Hynix 000660.KS lost 1.62%, after U.S. peer Micron Technology MU.O dropped 8% on Friday.

** Hyundai Motor 005380.KS added 3.9%, its sister automaker Kia Corp 000270.KS climbed 3%, and battery makers also saw gains.

** Of the total 937 traded issues, 496 shares advanced, while 380 declined.

** Foreigners were net buyers of shares worth 54.1 billion won ($36.84 million).

** The won was quoted at 1,466.4 per dollar on the onshore settlement platform KRW=KFTC, 0.04% higher than its previous close at 1,467.0.

** In money and debt markets, June futures on three-year treasury bonds KTBc1 edge 0.01 point higher to 106.85.

** The most liquid three-year Korean treasury bond yield KR3YT=RR fell by 0.9 basis point to 2.590%, while the benchmark 10-year yield KR10YT=RR fell by 0.9 basis point to 2.794%.

($1 = 1,468.7000 won)

 (Reporting by Jihoon Lee; Editing by Sherry Jacob-Phillips)

 ((jihoon.lee@thomsonreuters.com;))