S.Korea stocks at record high on chip rally, upbeat foreign buying

* KOSPI rises, foreigners net buyers
* Korean won strengthens against U.S. dollar
* South Korea benchmark bond yield falls

SEOUL, Dec 4 (Reuters) - Round-up of South Korean financial
markets:

** South Korean shares jumped more than 1% on Friday to an
all-time high, on continued chip rally and foreign buying,
despite the virus spurt at home. The won strengthened to its
highest since June 2018, while the benchmark bond yield fell.

** The benchmark KOSPI was up 36.01 points, or
1.34%, at 2,732.23 by 0205 GMT. The index was on track for a
fourth straight session of gains.

** South Korean memory chipmakers maintained their rally on
strong November trade data and as companies hiked their earnings
outlook.

** Share of the world's two largest memory chipmakers
Samsung Electronics and SK Hynix surged
as much as 3.4% and 7.2% to their record highs, extending gains
to a fourth straight session.

** South Korean drugmaker Celltrion jumped as
much as 9.8% to a record high.

** Naver , the country's biggest search engine
operator, and Kakao Corp , South Korea's top mobile
messenger provider, surged as spiking coronavirus infections at
home boosted demand for contactless services.

** Markets showed scant reaction to the spurt in coronavirus
cases. South Korea said it is considering tightening its social
distancing rules as it reported 629 new cases on Friday, the
most since the first wave of infections in the country peaked in
late February.

** Foreigners were net buyers of 432.3 billion won ($396.73
million) worth of shares on the main board.

** "Sentiment over semiconductor sector is improving
significantly ... Hopes of COVID-19 vaccine development before
the year-end is also reflected (in the rally)," said Lee
Jae-sun, analyst with Hana Financial Investment.

** The won was quoted at 1,089.6 per dollar on the onshore
settlement platform , 0.68% higher than its previous
close at 1,097.0, hitting the strongest since mid-June 2018.

** In offshore trading, the won was quoted at
1,089.7, while in non-deliverable forward trading its one-month
contract was quoted at 1,089.3.

** The most liquid 3-year Korean treasury bond yield fell by
1.3 basis points to 0.964%.

($1 = 1,089.6700 won)

(Reporting by Joori Roh; Additional reporting by Jihoon Lee,
Editing by Sherry Jacob-Phillips)


2020-12-04 04:38:53

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