S.Korea stocks rebound after Omicron rout, upbeat exports data helps

  • 12/1/2021
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Round-up of South Korean financial markets: ** South Korean shares on Wednesday rebounded from a 11-month low, driven by strong exports data that boosted risk sentiment, while investors awaited more clarity on the Omicron COVID-19 variant. Both the won and the benchmark bond yield rose. ** By 0201 GMT, the KOSPI (.KS11) rose 31.96 points, or 1.16%, to 2,871.90, set to snap a six-day losing streak. November was its worst month since March 2020. ** Chip giant Samsung Electronics (005930.KS) rose 2.24%, leading benchmark gains, while LG Chem (051910.KS) and Naver (035420.KS) added 2.31% and 0.66%, respectively. ** "Strong exports data had positive impact, though the key is whether the Omicron variant will further impact the pandemic-led supply disruptions," Mirae Asset Securities' analyst Park Kwang-nam said. ** The nation's exports grew at their fastest pace in three months in November, thanks to post-pandemic recoveries in major trading partners that pushed up demand for chips and petrochemicals. read more ** Separate survey data showed its factory activity expanded further in November, though output shrank for a second straight month. read more ** The country reported a new daily record of 5,123 new coronavirus cases, while the health ministry called for tighter virus prevention measures to head off Omicron, after suspected cases entered the country from Nigeria. read more ** On the main board, foreigners were net buyers of 391.2 billion won ($331.11 million) worth of shares. ** The won was quoted at 1,181.3 per dollar on the onshore settlement platform , 0.56% higher than its previous close. ** In offshore trading, the won was quoted at 1,181.5, while in non-deliverable forward trading, its one-month contract was quoted at 1,181.2. ** In money and debt markets, December futures on three-year treasury bonds fell 0.16 points to 108.97. ** The benchmark 10-year yield rose by 0.5 basis points to 2.223%. ($1 = 1,181.4900 won) Reporting by Joori Roh; Additional reporting by Jihoon Lee; Editing by Devika Syamnath Our Standards: The Thomson Reuters Trust Principles.

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