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South Korean shares rise on Wall Street, platform stocks boost

11/22/2022 | 09:15pm EST

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KOSPI rises, foreigners net buyers

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Korean won strengthens against dollar

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South Korea benchmark bond yield rises

SEOUL, Nov 23 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose on Wednesday, after two sessions of declines, as Wall Street's overnight gains and a rally in platform stocks lifted the benchmark index. The won strengthened, while the benchmark bond yield rose.

** The benchmark KOSPI was up 10.15 points, or 0.42%, at 2,415.42 as of 0125 GMT, after rising as much as 0.92%.

** "The gains (however) were capped with investors eying China's still-persistent COVID-19 outbreaks and the Ukraine issue," said Seo Sang-young, an analyst at Mirae Asset Securities.

** China's financial hub of Shanghai said on Tuesday it will tighten rules for people entering the city from Nov. 24 to combat the recent COVID-19 outbreak in the country.

** Technology giant Samsung Electronics rose 0.50% and peer SK Hynix gained 0.23%, but battery maker LG Energy Solution declined 0.88%.

** Mobile platform operator Kakao jumped 4.42% on reports that Saudi Arabia's state-run Public Investment Fund is considering investing in its entertainment subsidiary.

** Its financial service affiliates Kakaobank and Kakaopay rose 2.80% and 2.48%, respectively, while internet platform operator Naver gained 1.11%.

** Small-cap media content and entertainment shares surged after a Chinese streaming platform resumed distributing South Korean content after suspending it for nearly six years.

** SK Bioscience dropped 9% on reports of the vaccine maker suspending its COVID-19 vaccine production.

** Foreigners were marginally net buyers on the main board, purchasing 10.2 billion won ($7.54 million).

** The won was quoted at 1,351.0 per dollar on the onshore settlement platform, 0.41% higher.

** In money and debt markets, December futures on three-year treasury bonds was flat at 103.19.

** The most liquid three-year Korean treasury bond yield rose by 1.5 basis points to 3.844%, while the benchmark 10-year yield rose by 1.9 basis points to 3.789%. ($1 = 1,351.9000 won) (Reporting by Jihoon Lee; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KAKAO CORP. 1.57% 64700 End-of-day quote.21.85%
KAKAO PAY CORP. 1.97% 67300 End-of-day quote.24.17%
KAKAOBANK CORP. 1.23% 28900 End-of-day quote.18.93%
KOSPI COMPOSITE INDEX 0.63% 2484.18 Real-time Quote.11.08%
LG ENERGY SOLUTION, LTD. -2.13% 506000 End-of-day quote.16.19%
MIRAE CORPORATION 2.82% 12750 End-of-day quote.17.51%
NAVER CORPORATION 3.68% 211500 End-of-day quote.19.15%
S&P GSCI COCOA INDEX -0.08% 103.1815 Real-time Quote.1.12%
SAMSUNG ELECTRONICS CO., LTD. 1.10% 64600 End-of-day quote.16.82%
SK BIOSCIENCE CO.,LTD. 4.56% 80300 End-of-day quote.9.25%
SK HYNIX INC. -0.87% 91500 End-of-day quote.22.00%
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