Views Article – Sharenet Wealth

Asia, Forex

S.Korea stocks rise as strong U.S. data lifts risk appetite

* KOSPI rises, foreigners buy * KRW weakens against USD * South Korea benchmark bond yield rises SEOUL, Jan 20 (Reuters) – Round-up of South Korean financial markets: ** South Korean shares gained on Monday as risk sentiment improved following solid U.S. data. The won was flat, while the benchmark bond yield rose. ** The KOSPI rose 23.95 points, or 1.06%, to 2,274.52 by 0230 GMT. ** U.S. housing starts jumped 16.9% to a seasonally adjusted annual rate of 1.608 million units in December, data showed on Friday, a 13-year high that suggested the industry has recovered and can now help further the longest U.S. economic expansion. ** In a separate report, the Federal Reserve said the U.S. manufacturing output unexpectedly rose 0.2% in December as a drop in motor vehicle output was outpaced by increases in production of other durable goods, food and beverages, and other products. ** China will negotiate with American companies and increase imports of U.S. goods and products according to market principles, an official with its state planner said on Sunday. ** LG Chem Ltd jumped to a six-month high on report of a joint venture factory between the company and Hyundai Motor Co in South Korea to make battery cells for electric vehicles. ** Samsung Electronics Co Ltd gained nearly 2% after it named President Roh Tae-moon as its new mobile chief. ** Foreigners were net buyers of 91.6 billion won ($78.99 million) worth of shares on the main board. ** The won was quoted at 1,159.1 per dollar on the onshore settlement platform , 0.03% higher than its previous close at 1,159.4. ** In offshore trading, the won was quoted at 1,160.4 per U.S. dollar, while in non-deliverable forward trading, its one-month contract was quoted at 1,159.0 per dollar. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.18%, after U.S. stocks rose on Friday. Japanese stocks gained 0.23%. ** The KOSPI has risen 3.27% so far this year. ** The trading volume was 234.61 million shares and, of the total traded issues of 905, the number of advancing shares was 350. ** The won has lost 0.3% against the dollar so far this year. ** In money and debt markets, March futures on three-year treasury bonds fell 0.08 points to 110.22, while the 3-month Certificate of Deposit rate was quoted at 1.46%. ** The most liquid 3-year Korean treasury bond yield rose by 1.1 basis points to 1.448%, while the benchmark 10-year yield rose by 3.5 basis points to 1.780%. ($1 = 1,159.7000 won) (Reporting by Joori Roh; editing by Uttaresh.V)


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