South Korean shares end quarter 11% higher, biggest in over two years

Korea Electric Power

31/03/2023 07:56

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      KOSPI rises 1%, 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:*:nL1N363055
    

  
       SEOUL, March 31 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares rose 1% on Friday, buoyed by Wall
Street's overnight gains and China's better-than-expected
manufacturing data, ending the quarter with its best performance
in over two years. 
    ** The Korean won weakened, while the benchmark bond yield
rose.
    ** The benchmark KOSPI  .KS11  ended up 23.70 points, or
0.97%, at 2,476.86, hitting the highest level since Feb. 9. 
    ** The KOSPI ended the week 2.56% higher, the month 2.65%
higher, and the quarter 10.75% higher. It was the best quarterly
performance since the last quarter of 2020.    
    ** China's manufacturing activity expanded at a slower pace
in March, official data showed on Friday, which still beat
expectations. The services sector expanded at the fastest pace
in nearly 12 years.
    ** "The data added to hopes for an economic recovery in
China and provided support to the local stock market as well,"
said analyst Lee Kyoung-min at Daishin Securities.
    ** Technology giant Samsung Electronics  005930.KS  rose
1.27%, but peer SK Hynix  000660.KS  lost 0.23% and battery
maker LG Energy Solution  373220.KS  fell 0.68%.
    ** Hyundai Motor  005380.KS  gained 1.82% and sister
automaker Kia Corp  000270.KS  jumped 2.02%, while steelmaker
POSCO Holdings  005490.KS  rallied 8.39% on hopes for benefits
from the U.S. Inflation Reduction Act.
    ** Korea Electric Power Corp  015760.KS  dropped 4.66% after
the government postponed its decision on new electricity prices
for the second quarter.
    ** Of the total 937 issues traded, 482 shares rose.
    ** Foreigners were net buyers of shares worth 513.6 billion
won ($394.83 million), scooped up 6.86 trillion won worth of
local stocks in the first quarter - the biggest in 9-1/2 years.
    ** The won ended onshore trade  KRW=KFTC  at 1,301.9 per
dollar, 0.22% lower than its previous close at 1,299.0. 
    ** The currency ended the week down 0.58%, but rose 1.59%
for the month. For the quarter, it lost 2.87%.
    ** The most liquid three-year Korean treasury bond yield
rose by 2.4 basis points to 3.264%, while the benchmark 10-year
yield rose by 2.7 basis points to 3.330%.

($1 = 1,300.8000 won)

 (Reporting by Jihoon Lee; Editing by Nivedita Bhattacharjee)
 ((jihoon.lee@thomsonreuters.com;))