S.korea Stocks Inch Higher as Strong Foreign Buying Offsets Global Cenbank Moves
S.korea Stocks Inch Higher as Strong Foreign Buying Offsets Global Cenbank Moves
Zeno Markets 8
SEOUL, Dec 17 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares edged up on Friday, as strong buying by foreign investors offset more hawkish-than-expected moves from major central banks, while Omicron coronavirus variant fears also weighed on sentiment. The won weakened, while the benchmark bond yield rose.
** By 0227 GMT, the benchmark KOSPI (.KS11) rose 3.47 points, or 0.12%, to 3,009.88, extending gains to a third straight day.
** It stood flat on a weekly basis, following two straight weeks of gains.
** Among heavyweights, chip giants Samsung Electronics (005930.KS) and SK Hynix (000660.KS) fell 0.39% and 1.61%, respectively, while platform company Naver (035420.KS) slid 0.52%.
** The Bank of England surprised markets with a rate hike, while the European Central Bank trimmed its super-sized bond buying program, adopting more hawkish stances than expected. read more
** Foreigners were net buyers with 235.7 billion won ($198.74 million) worth of KOSPI shares.
** The country will reinstate stricter social distancing rules from Saturday, limiting private gatherings and working hours of businesses, as it continued to report near record daily virus cases. read more
** The government will prepare a new 4.3 trillion won ($3.6 billion) stimulus package to help support small-sized and self-employed businesses hurt by the reimposition of tougher COVID-19 curbs. read more
** The won was quoted at 1,185.2 per dollar on the onshore settlement platform , 0.11% lower than its previous close.
** In offshore trading, the won was quoted at 1,185.8 per dollar, unchanged from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,184.7.
** In money and debt markets, December futures on three-year treasury bonds rose 0.02 points to 109.30.
** The most liquid 3-year Korean treasury bond yield fell by 1.1 basis points to 1.755%, while the benchmark 10-year yield rose by 0.2 bps to 2.149%.
