South Korean shares rise as biopharmaceutical, online platform stocks gain

April 04, 2023 05:05 PM AEST | By Reuters
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KOSPI rises, foreigners net sellers


Korean won slightly up against dollar


South Korea benchmark bond yield falls


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SEOUL, April 4 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose on Tuesday to close at a two-month high, as online platform operators and biopharmaceutical stocks gained. The Korean won gained marginally, while the benchmark bond yield fell.

** The benchmark KOSPI closed up 8.17 points, or 0.33%, at 2,480.51, marking the highest level since Feb. 9.

** South Korea's consumer inflation eased to a one-year low in March, led by weaker oil prices, but a range of issues including worries about global growth, monetary policy and decisions by major oil producers have clouded the outlook.

** "Gains were capped by continued inflation worries from an OPEC+ decision to cut output," said analyst Huh Jae-hwan at Eugene Investment and Securities.

** "Gaining sectors were mostly those that have little to do with energy prices, such as biopharmaceutical, internet and game industries."

** Among biopharmaceutical stocks, Celltrion rallied 6%, SK Bioscience rose 4.29%, and Samsung Biologics climbed 1.29%.

** Online platform stocks Naver and Kakao advanced 1.41% and 0.83%, respectively.

** Chipmaker SK Hynix dropped 3.10% after it decided to raise $1.7 billion in its first convertible bond sale in a decade. Bigger rival Samsung Electronics rose 0.79%.

** Of the total 935 issues traded, 639 shares rose.

** Foreigners were net sellers of shares worth 307.5 billion won ($233.93 million).

** The won ended onshore trade at 1,315.8 per dollar, 0.05% higher than its previous close at 1,316.5.

** In money and debt markets, June futures on three-year treasury bonds rose 0.23 point to 104.99.

** The most liquid three-year Korean treasury bond yield fell by 7.2 basis points to 3.276%, while the benchmark 10-year yield fell by 7.4 basis points to 3.318%. ($1 = 1,314.5200 won) (Reporting by Jihoon Lee; Editing by Subhranshu Sahu)


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