Reuters logo
S.Korean stocks hit 11-week high as tech majors jump after 6-day break
October 10, 2017 / 3:20 AM / 2 months ago

S.Korean stocks hit 11-week high as tech majors jump after 6-day break

    * S.Korea's financial markets reopen after six-day holiday
    * KOSPI jumps 2 pct to 11-week high; won at two-week high
    * Tech shares bolstered by hopes of strong Q3 earnings
    * Samsung Elec up over 4 pct, SK Hynix soars to over 16-yr
high

    SEOUL, Oct 10 (Reuters) - South Korean shares surged to an
11-week high on Tuesday as trading resumed after a six-day
holiday, with tech heavyweights Samsung Electronics            
and SK Hynix             notching up major gains on strong
earnings expectations.
    Samsung Electronics shares gained as much as 4.6 percent,
while SK Hynix stock soared 8.6 percent to its highest in more
than 16 years. The sub-index for electric and electronic shares
        was up 4.5 percent.
    The Korea Composite Stock Price Index (KOSPI)         rose
as much as 2 percent to 2,443.20 points, its highest since July
27.  
    Strong gains in global stock markets during the holiday and
data showing a 35 percent jump in South Korea's September
exports, marking a ninth consecutive month of double-digit
growth, underpinned the domestic market.             
    "South Korea's September exports were very strong again,
bolstering investor expectations about record quarterly earnings
for the third quarter, especially in the tech sector," said Rhoo
Yong-seok, a stock analyst at KB Securities. 
    Rhoo said the KOSPI's rally was expected to continue for a
while throughout the corporate results season, though possible
provocations from North Korea continued to be a concern for
market players. 
    Foreign investors bought a net 483.7 billion Korean won
($424.8 million) worth of KOSPI shares near mid-session,
supporting the index. 
    The South Korean won        also strengthened to a two-week
high on foreign demand for local equities.
    The won            was quoted at 1,138.8, its highest
intraday level since Sept. 27 and up 0.6 percent compared with
the previous close at 1,145.4.
    December futures on three-year treasury bonds         shed
0.13 point to 108.49. 
    
                       0237 GMT    Prev close
 Dollar/won             1,138.8       1,145.4
 Yen/won             10.1029/74       10.1421
 *KTB futures            108.49        108.62
 KOSPI                 2,440.24      2,394.47
 * Front-month futures on three-year treasury bonds

For a round up of market news, please see our daily Asia Morning
Call report            
    

 (Reporting by Dahee Kim; Editing by Amrutha Gayathri)
  

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below