S.Korea stocks jump over 1% as chipmakers rally
* KOSPI rises, foreigners turn net buyers
* Korean won weakens against U.S. dollar
* South Korea benchmark bond yield falls
* For the midday report, please click
SEOUL, Sept 3 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares rose more than 1% on Thursday and extended gains to a third straight session as strong foreign buying powered local chip stocks. Both the won and the benchmark bond yield weakened.
** The benchmark KOSPI closed up 31.53 points, or 1.33%, at 2,395.90.
** Chip giant Samsung Electronics Co Ltd ended 3.7% higher, tracking a surge in the Philadelphia Semiconductor index, after Nvidia Corp’s announcement on its new gaming chips in collaboration with Micron Technology Inc and Samsung.
** Samsung’s peer SK Hynix Inc and the subindex for electric and electronics stocks jumped 4.2% and 3.2%, respectively.
** Further boosting sentiment, South Korea’s government announced a plan to create a 20 trillion won ($16.84 billion) fund over the next five years for President Moon Jae-in’s “New Deal” program.
** “Strong gains in local semiconductor shares towed KOSPI, especially with active foreign buying of Samsung Electronics shares,” said Lee Young-gon, Hana Financial Investment analyst.
** The “New Deal” fund and fewer daily coronavirus infections also lifted sentiment, Lee added.
** Foreigners were net buyers of 194.0 billion won worth of shares on the main board.
** The won was quoted at 1,188.3 per dollar on the onshore settlement platform, 0.24% lower than its previous close at 1,185.4.
** In offshore trading, the won was quoted at 1,188.5 per dollar, up 0.1% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,188.5.
** In money and debt markets, September futures on three-year treasury bonds fell 0.01 points to 111.84.
** The most-liquid 3-year Korean treasury bond yield fell by 0.5 basis points to 0.920%, while the benchmark 10-year yield fell by 1.4 basis points to 1.525%. ($1 = 1,187.9700 won) (Reporting by Joori Roh; Additional reporting by Jihoon Lee; Editing by Devika Syamnath)
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