South Korean shares hit record high as chipmakers rally

Reuters
02/24
South Korean shares hit record high as chipmakers rally

KOSPI rises, foreigners net sellers

Korean won strengthens against dollar

South Korea benchmark bond yield rises

For the midday report, please click nL1N3ZK03X

SEOUL, Feb 24 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose for a fourth straight session on Tuesday to notch a record close, as chipmakers shrugged off overnight losses in U.S. peers to extend their own rally.

** The benchmark KOSPI .KS11 closed up 123.55 points, or 2.11%, at a session high of 5,969.64, its highest level on record.

** The Bank of Korea is expected to keep its key interest rate unchanged at 2.50% on Thursday and through 2026, as policymakers grapple with a volatile currency and an overheating housing market, a Reuters poll showed.

** Wall Street stocks tumbled on Monday, as ongoing fears of artificial intelligence-related disruption and the fallout from Friday's U.S. Supreme Court ruling sent investors fleeing from high-risk equities. .N

** Still, chipmaker Samsung Electronics 005930.KS rose 3.63% and peer SK Hynix 000660.KS gained 5.68%, leading gains on the benchmark index.

** "There was no clear driver behind the chip rally, but it seemed investor sentiment was boosted by hopes of Nvidia earnings, continued rises in chip prices and strength in other Asian chip stocks such as TSMC," said Seo Sang-young, an analyst at Mirae Asset Securities.

** Among other index heavyweights, battery maker LG Energy Solution 373220.KS climbed 4.17%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were up 0.19% and 0.75%, respectively.

** Steelmaker POSCO Holdings 005490.KS added 2.96%, while drugmaker Samsung BioLogics 207940.KS rose 0.35%.

** Of the total 926 traded issues, 408 shares advanced, while 467 declined.

** Foreigners were net sellers of shares worth 196.1 billion won ($135.96 million).

** The won was quoted at 1,442.5 per dollar on the onshore settlement platform KRW=KFTC, 0.03% higher than its previous close at 1,442.9.

** The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 1.3 basis points to 3.169%, while the benchmark 10-year yield KR10YT=RR rose by 2.6 basis points to 3.601%.

($1 = 1,442.3000 won)

(Reporting by Jihoon Lee; Editing by Ronojoy Mazumdar)

((jihoon.lee@thomsonreuters.com;))

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