S.Korean shares log best quarter in nearly 30 years on chipmaker rally

SK Hynix

Yesterday 08:11

KOSPI rises, foreigners net sellers
Korean won weakens against dollar
South Korea benchmark bond yield falls
For the midday report, please click nL1N43201N

    SEOUL, June 30 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares logged their best quarter in nearly 30 years on Tuesday on the back of chipmakers' blistering rally.
** The benchmark KOSPI .KS11 ended the quarter up 68%, the biggest since the fourth quarter of 1998 when the internet was still in its infancy, rising 101% so far this year.
** On Tuesday, the index closed up 81.83 points, or 0.97%, at 8,476.48 in a volatile session — falling as much as 2.1% and rising as much as 3.3%. 
** Chipmaker Samsung Electronics 005930.KS rose 3.41% and peer SK Hynix 000660.KS gained 0.84%, after falling sharply on Monday. For the quarter, they rose more than 90% and 220%, respectively.
** On Monday, South Korea unveiled a sweeping semiconductor and AI strategy, with President Lee Jae Myung announcing more than $576 billion in chip investments to bolster global competitiveness and rebalance growth.
** Volatility heightened in chipmaker stocks in recent days with investors turning cautious about the durability of the AI-driven chip rally.
** "Hopes of improving profits for the semiconductor sector remain valid," said Lee Kyoung-min, an analyst at Daishin Securities. 
** Among other heavyweights, battery maker LG Energy Solution 373220.KS slid 9.61%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 0.40% and down 1.85%, respectively. 
** Steelmaker POSCO Holdings 005490.KS shed 4.80%, while drugmaker Samsung BioLogics 207940.KS fell 3.94%.
** Of the total 917 traded issues, 262 shares advanced, while 623 declined.
** Foreigners were net sellers of shares worth 3.8 trillion won ($2.45 billion). 
** The won was quoted at 1,549.4 per dollar on the onshore settlement platform KRW=KFTC, 0.41% lower than its previous close at 1,543.0.
** In money and debt markets, September futures on three-year treasury bonds KTBc1 gained 0.05 point to 103.27.
** The most liquid three-year Korean treasury bond yield KR3YT=RR fell by 2.1 basis points to 3.718%, while the benchmark 10-year yield KR10YT=RR fell by 2.3 bps to 4.101%.
($1 = 1,549.0800 won)

(Reporting by Jihoon Lee; Editing by Harikrishnan Nair)
((jihoon.lee@thomsonreuters.com;))