South Korean shares rise as AI-driven chip exports extend growth
South Korean shares rise as AI-driven chip exports extend growth SEOUL, Sept 1 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares rose on Tuesday as preliminary August trade data showed exports extended strong growth, underpinned by artificial-intelligence demand in the chip sector. The won weakened, while the benchmark bond yield rose. ** The benchmark KOSPI .KS11 was up 22.72 points, or 0.33%, at 6,842.74 as of 0104 GMT. ** Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 0.29% and peer SK Hynix 000660.KS gained 1.61%. Battery maker LG Energy Solution 373220.KS climbed nearly 2%. ** Shares of Hyundai Motor 005380.KS were down 0.87%, while sister automaker Kia Corp 000270.KS climbed 0.31%. Steelmaker POSCO Holdings 005490.KS added 2.66%, while drugmaker Samsung BioLogics 207940.KS fell roughly 1%.
** South Korea's exports surged 68.7% in August from a year earlier, extending their winning streak to a 15th consecutive month and outpacing analysts' forecasts as the economy continued to ride a wave of global technology demand. ** Of the total 901 traded issues, 306 shares advanced, while 540 declined. ** Foreigners were net sellers of shares worth 116.5 billion won. ** The won was quoted at 1,369.2 per dollar on the onshore settlement platform KRW=KFTC, 0.09% lower than its previous close at 1,368.0. ** In offshore trading, the won KRW= was quoted at 1,369.7 per dollar, down 0.2% on the day, while in non-deliverable forward trading its one-month contract KRW1MNDFOR= was quoted at 1,369.1. ** The KOSPI has climbed 62.37% so far this year. ** The won has strengthened 5.1% against the dollar so far this year. ** In money and debt markets, September futures on three-year treasury bonds KTBc1 lost 0.10 point to 103.13. ** The most liquid three-year Korean treasury bond yield KR3YT=RR rose 4.1 basis points to 3.878%, while the benchmark 10-year yield KR10YT=RR rose 5.8 basis points to 4.371%.
(Reporting by Cynthia Kim; Editing by Sherry Jacob-Phillips)
((Cynthia.Kim@thomsonreuters.com; 822 3704 5655; Reuters Messaging: cynthia.kim.thomsonreuters.com@reuters.net))
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