S.Korea stocks rebound from 2-week low on chip optimism, upbeat exports data

Micron Technology’s solid-state drive for data center customers is presented at a product launch event in San Francisco, U.S., October 24, 2019. REUTERS/Stephen Nellis

SEOUL, Dec 21 (Reuters) – Round-up of South Korean financial markets:

** South Korean shares rebounded from a two-week low on Tuesday, buoyed by chip heavyweights on optimistic sector-wide outlook and as upbeat exports data suggested the economic recovery is on track. Both the Korean won and the benchmark bond yield fell.

** The benchmark KOSPI (.KS11) ended up 12.03 points, or 0.41%, at 2,975.03, following a steep 1.81% decline on Monday.

** Chip giants Samsung Electronics (005930.KS) and SK Hynix (000660.KS) jumped 1.30% and 3.32%, respectively, after Micron Technology Inc (MU.O) delivered stronger-than-expected quarterly results and forecast second-quarter sales and profits will also beat estimates with chip shortages easing in 2022. read more

** Exports for the first 20 days of the month surged 20% from the same period a year earlier, customs agency data showed, with sales of semiconductors and petroleum products surging 27.5% and 88.8%, respectively.

** Gains, however, were capped due to cautious trading amid the global spread of the Omicron variant and related curbs. UK’s prime minister said he would tighten virus curbs if needed, after the Netherlands began a fourth lockdown and as other European nations consider Christmas restrictions. read more

** Foreigners were net buyers of 36.1 billion won ($30.27 million) worth of shares on the main board.

** The won ended at 1,192.9 per dollar on the onshore settlement platform , 0.18% lower than its previous close.

** In offshore trading, the won was quoted at 1,192.7 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,192.2.

** In money and debt markets, December futures on three-year treasury bonds fell 0.02 point to 109.43.

** The most liquid 3-year Korean treasury bond yield fell by 2.6 basis points to 1.715%, while the benchmark 10-year yield fell by 1.3 basis points to 2.095%.

($1 = 1,192.6500 won)

Reporting by Joori Roh;
Editing by Vinay Dwivedi

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