S.Korea stocks set for 1% weekly gain as U.S. data supports

  • 5/27/2021
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* KOSPI rises, foreigners net buyers * Korean won weakens against U.S. dollar * South Korea benchmark bond yield rises SEOUL, May 28 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares rebounded on Friday, poised for a weekly gain of 1%, led by strength in Hyundai Motor and as upbeat data from the United States supported recovery momentum. The won weakened, while the benchmark bond yield rose. ** The KOSPI was up 18.83 points, or 0.59%, at 3,184.34, as of 0147 GMT. ** Lifting investors" risk appetite was U.S. jobless claims data that turned out to be better than expected, while its first-quarter growth remained unchanged from earlier estimate of 6.4%, underpinning hopes that the economic recovery is gathering steam. ** South Korea"s biggest automaker Hyundai Motor and its unit Kia Corp jumped 4.31% and 4.33%, respectively, following a report that the company will increase investment in electric vehicles, by slashing the number of combustion engine models in its line-up to free up resources. ** Among other heavyweights, technology giant Samsung Electronics rose 0.38%, while battery maker LG Chem added 2.12%. ** Foreigners were net buyers of 53.5 billion won ($47.91 million) worth of shares on the main board. ** The won was quoted at 1,118.2 per dollar on the onshore settlement platform , 0.01% lower than its previous close at 1,118.1. ** In offshore trading, the won was quoted at 1,117.0 per dollar, up 0.1% from the previous session, while in non-deliverable forward trading its one-month contract was quoted at 1,116.3. ** In money and debt markets, June futures on three-year treasury bonds fell 0.14 points to 110.92, while the 3-month Certificate of Deposit rate was quoted at 0.66%. ** The most liquid three-year Korean treasury bond yield rose by 3.6 basis points to 1.160%, while the benchmark 10-year yield rose by 4.2 basis points to 2.154%. ($1 = 1,116.5700 won) (Reporting by Joori Roh, Editing by Sherry Jacob-Phillips) Our Standards: The Thomson Reuters Trust Principles.

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