South Korean stocks end higher after benign US inflation data

Kakao

23/12/2024 07:14

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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:*:nL1N3NO019
    

  
       SEOUL, Dec 23 (Reuters) - Round-up of South Korean
financial markets:
    ** South Korean shares closed higher on Monday after U.S.
inflation data came in below expectations, reigniting rate-cut
bets. The won weakened, while the benchmark bond yield rose.
    ** The benchmark KOSPI  .KS11  closed up 37.86 points, or
1.57%, at 2,442.01.
    ** Among index heavyweights, chipmaker Samsung Electronics
 005930.KS  rose 0.94% and peer SK Hynix  000660.KS  gained
0.65%, while battery maker LG Energy Solution  373220.KS 
climbed 0.42%.
    ** U.S. consumer spending increased in November amid strong
demand for a range of goods and services, underscoring the
economy's resilience, which prompted the Federal Reserve last
week to project fewer rate cuts in 2025 than it had in
September.
    ** The report on Friday showed moderate monthly rises in
prices, with a measure of underlying inflation posting its
smallest gain in six months.
    ** Hyundai Motor  005380.KS  added 2.14% and sister
automaker Kia Corp  000270.KS  lost 0.30%, while search engine
Naver  035420.KS  and instant messenger Kakao  035720.KS  were
down 4.29% and down 2.70%, respectively.
    ** The Kospi benefited from some relief after the data and
looks like investors found local stocks attractive in terms of
valuation, said Lee Jae-won, an analyst at Shinhan Securities.  
    ** Of the total 942 traded issues, 719 shares advanced,
while 188 declined.
    ** Foreigners were net buyers of shares worth 145 billion
won ($99.8 million) on the main board on Monday.
    ** The KOSPI has fallen 8.03% so far this year, and it lost
6.1% in the previous 30 trading sessions.
    ** The won has lost 11.3% against the dollar so far this
year.
    ** In money and debt markets, March futures on three-year
treasury bonds  KTBc1  rose 0.01 point to 106.78.
    ** The most liquid three-year Korean treasury bond yield
 KR3YT=RR  fell by 1.5 basis points to 2.615%, while the
benchmark 10-year yield  KR10YT=RR  rose by 3 basis points to
2.843%.


($1 = 1,452.2600 won)

 (Reporting by Cynthia Kim, Youn Ah Moon; Editing by Sonia
Cheema)
 ((Cynthia.Kim@thomsonreuters.com; 822 3704 5655; Reuters
Messaging: cynthia.kim.thomsonreuters.com@reuters.net))