Economy 2 MIN READ

South Korean shares reverse 5-day slide, but mood remains shaky

April 27, 2023By Reuters

Round-up of South Korean financial markets:

** South Korean shares reversed early losses to end higher on Thursday, snapping a five-day losing streak, while trading sentiment appeared still shaky on concerns about the US  banking sector and uncertainty in earnings reports.

** The benchmark KOSPI rose 10.98 points, or 0.44%, to close at 2,495.81, having fallen as much as 0.8% earlier in the day.

** Trading sentiment appeared still shaky, however, with the losing stocks outnumbering gainers by 468 to 407.

** Samsung Electronics Co Ltd, which is heavily weighted on KOSPI, ended 0.8% higher after it flagged a gradual recovery for chips in the second half of the year after its semiconductor division reported a record loss.

** The banking sector’s index slumped 1.2%, having fallen as much as 1.9% earlier in the session.

** Chipmaker SK Hynix gained 1.60%, while battery maker LG Energy Solution advanced 3.53%.

** Foreigners were net buyers of shares worth 283.0 billion won (USD 211.4 million).

** The won ended onshore trade at 1,338.0 per dollar, 0.13% lower than its previous close at 1,336.3.

** In offshore trading, the Korean won  was quoted at 1,338.6 per dollar, down 0.0% on the day, while in non-deliverable forward trading its one-month contract  was quoted at 1,336.8.

** Currency traders shrugged off remarks by a senior presidential official that US+. and South Korean leaders upgraded their commitment to cooperate on maintaining stability in foreign exchange markets at a summit.

** The KOSPI has risen 11.60% so far this year, and gained 4.4% in the previous 30 trading sessions.

** The won has lost 5.5% against the dollar so far this year.

** In money and debt markets, June futures on three-year treasury bonds KTBc1 fell 0.07 points to 104.93.

** The most liquid three-year Korean treasury bond yield rose by 2.9 basis points to 3.288%, while the benchmark 10-year yield rose by 3.1 basis points to 3.340%.

(Reporting by Choonsik Yoo; Editing by Varun H K)

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