1. Home
  2. Asia - Pacific
  3. S.Korean stocks gain as U.S. election results point to higher bar for regulations
S.Korean stocks gain as U.S. election results point to higher bar for regulations

S.Korean stocks gain as U.S. election results point to higher bar for regulations

0
0

 

* KOSPI rises, foreigners net buyers

* Korean won strengthens against U.S. dollar

* South Korea benchmark bond yield falls

SEOUL: Round-up of South Korean financial markets: ** South Korean shares rose towards a three-week high on Thursday, led by alternative energy and technology shares, as a clear Democratic sweep in the U.S. election failed to materialize and reduced likelihood of more regulations in the IT sector. The Korean won strengthened, while the benchmark bond yield fell. ** By 01:45 GMT, the benchmark KOSPI rose 34.70 points, or 1.47%, to 2,392.02.

** Solar cell manufacturer Hanwha Solutions up 9.6%, while steel structure maker Dongkuk Structures & Construction gains 11%, as investors see those shares stand to benefit from Democrat Joe Biden’s green energy proposals. ** Shares of Samsung Electronics jumped 1.9% while SK Hynix is up 2.5%

** A Biden win and a Republican senate would signal a gridlock but shares are rising as overall uncertainties are slowly easing, and it’s a good news to IT shares as it could mean less regulations, says Choi Yoo-june, an analyst at Shinhan Investment & Securities. ** Foreigners were net buyers of 347.4 billion won worth of shares on the main board. ** The won was quoted at 1,131.6 per dollar on the onshore settlement platform, 0.54% higher than its previous close at 1,137.7. ** In offshore trading, the won was quoted at 1,132.0 per dollar, down 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,131.3. ** MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.93%,. ** The KOSPI has risen 8.84% so far this year, but lost 2.0% in the previous 30 trading sessions. ** The trading volume during the session in the KOSPI index was 352.00 million shares. Of the total traded issues of 905, the number of advancing shares was 611. ** The won has gained 2.2% against the dollar so far this year. ** In money and debt markets, December futures on three-year treasury bonds rose 0.07 points to 111.75. ** The most liquid 3-year Korean treasury bond yield fell by 1.5 basis points to 0.941%, while the benchmark 10-year yield fell by 3.2 basis points to 1.540%.

Source: reuters
Anand Gupta Editor - EQ Int'l Media Network