South Korean stocks rise ahead of US jobs data

South Korean KOSPI up 0.67%, driven by U.S. jobs data, Federal Reserve rate cut hopes. Samsung, SK Hynix up; LG Energy Solution down. Samsung forecasts high Q2 profit. Won appreciated, bond yields fell; Foreigners bought 411.6 billion won. Hyundai Motor flat, Kia down, Naver, Kakao up. Offshore, won at 1,378.3. Three-year treasury bond yield fell by 1 bp.

Round-up of South Korean financial markets:

** South Korean shares rose on Friday ahead of U.S. jobs data amid growing expectations that the could cut in the coming months. The won strengthened, while the benchmark bond yield fell.

** The benchmark KOSPI was up 19.06 points, or 0.67%, at 2,844.00 by 00:58 GMT. For the week, the index is up 1.8%, and is set to log a fifth consecutive week of gain.

** Among index heavyweights, chipmaker rose 1.42% and peer SK Hynix gained 0.22%, while battery maker slid 0.42%.

** Samsung Electronics estimated a more than 15-fold rise in its second-quarter operating profit on Friday, as rebounding semiconductor prices driven by the artificial intelligence boom lifted earnings from a low base a year ago.

** was flat and sister automaker lost 0.08%, while search engine Naver and instant messenger Kakao were up 1.44% and 0.87%, respectively.

** Of the total 924 traded issues, 484 shares advanced, while 357 declined.

** Foreigners were net buyers of shares worth 411.6 billion won ($298.9 million) on the main board on Friday.

** The won was quoted at 1,378.6 per dollar on the onshore settlement platform, 0.17% higher than its previous close at 1,381.0.

** In offshore trading, the won was quoted at 1,378.3 per dollar, up 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,375.6.

** The KOSPI has risen 7.11% so far this year, and gained 3.7% in the previous 30 trading sessions.

** In money and debt markets, September futures on three-year bonds fell 0.05 point to 105.31.

** The most liquid three-year Korean treasury bond yield fell by 1 basis point to 3.138%, while the benchmark 10-year yield fell 0.2 basis point to 3.243%. ($1 = 1,377.2500 won) (Reporting by Cynthia Kim; Editing by Sonia Cheema)


Source: Stocks-Markets-Economic Times

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