South Korean shares rise 3% as chipmakers rebound after historic selloff

Samsung Electronics Co

Tue 02:43

KOSPI rises, foreigners net sellers
Korean won strengthens against dollar
South Korea benchmark bond yield falls

    SEOUL, June 9 (Reuters) - Round-up of South Korean financial markets:


    ** South Korean shares rebounded sharply on Tuesday, with the benchmark KOSPI climbing more than 3% as investors snapped up beaten-down technology stocks following the market's steepest one-day decline in three months. 
  

        ** The benchmark KOSPI .KS11 was up 230.30 points, or 3.08%, at 7,714.71, as of 0106 GMT. In the previous session, the index slipped 8.3% to its biggest decline since early March. 

    ** In early hours on Tuesday, the index climbed nearly 5%, triggering "sidecar" trading curb designed to temper excessive market volatility. 
  

    ** The rally was driven by a strong recovery in South Korean semiconductor shares, mirroring gains on Wall Street where chipmakers surged overnight on bargain-hunting demand. The Philadelphia SE Semiconductor Index .SOX jumped 5.6%. .N
** Risk sentiment also improved after stronger-than-expected first-quarter economic growth data highlighted the resilience of South Korea's export-driven economy despite ongoing global trade and growth concerns. 

        ** Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 3.05%, while peer SK Hynix 000660.KS gained 6.65%. Battery maker LG Energy Solution 373220.KS climbed 0.39%.
** Automakers also advanced, with shares of Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS up 0.16% and 7.79%, respectively. 
** Steelmaker POSCO Holdings 005490.KS added 0.56%, while drugmaker Samsung BioLogics 207940.KS rose 3.38%.

    ** Market breadth was firmly positive, with 778 of the 921 traded issues advancing, compared with 121 decliners.
** Foreigners were net sellers of shares worth 554.0 billion won ($364.40 million).
** The won was quoted at 1,522.0 per dollar on the onshore settlement platform KRW=KFTC, 0.30% higher than its previous close at 1,526.5.
** In money and debt markets, June futures on three-year treasury bonds KTBc1 gained 0.05 point to 102.82.
** The most liquid three-year Korean treasury bond yield KR3YT=RR fell 1.2 basis points to 3.922%, while the benchmark 10-year yield KR10YT=RR fell 2.5 basis points to 4.326%.

($1 = 1,520.3000 won)

 (Reporting by Jihoon Lee; Editing by Sherry Jacob-Phillips)
 ((jihoon.lee@thomsonreuters.com;))