South Korean shares, won gain on long-awaited impeachment ruling date

Kakao

01/04/2025 04:01

KOSPI rises, foreigners net sellers

Korean won strengthens against dollar

South Korea benchmark bond yield rises

SEOUL, April 1 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose more than 1% on Tuesday, and the won gained, as the Constitutional Court announced that the long-awaited ruling on the impeachment of President Yoon Suk Yeol would be delivered this week.

** The benchmark KOSPI .KS11 was up 45.08 points, or 1.82%, at 2,526.20 as of 0241 GMT.

** The KOSPI started the session higher, cut gains to 0.5% after the acting president vetoed a revision to the Commercial Act, and rebounded after the court's announcement.

** The won was quoted at 1,468.4 per dollar on the onshore settlement platform KRW=KFTC, 0.36% higher than its previous close at 1,473.7.

** "The won has weakened significantly recently on political uncertainty caused by the delay in the impeachment trial ruling, but now the uncertainty is reduced with the decision," said Lee Min-hyeok, an economist at KB Kookmin Bank.

** South Korea's Constitutional Court, which is reviewing President Yoon Suk Yeol's impeachment, will announce its decision on whether to remove him from office permanently or reinstate him on April 4, the court said on Tuesday.

** Earlier on Tuesday, South Korea's acting President Han Duck-soo vetoed a revision to the Commercial Act, which was seen to help resolve the so-called "Korea discount", a tendency of lower valuation for South Korean stocks than global peers.

** South Korea's March exports grew for a second month but missed market expectations, suggesting a softening outlook as a global trade war triggered by U.S. President Donald Trump's tariffs raises uncertainty for manufacturers.

** Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 2.42% and peer SK Hynix 000660.KS gained 2.67%, but battery maker LG Energy Solution 373220.KS slid 1.49%.

** Foreigners were net sellers of shares worth 237.6 billion won ($161.84 million).

** The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 1.8 basis points to 2.595%, while the benchmark 10-year yield KR10YT=RR rose by 4.7 basis points to 2.819%.

($1 = 1,468.1000 won)

 (Reporting by Jihoon Lee and Youn Ah Moon; Editing by Janane Venkatraman )

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