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PrintSouth Korean battery shares shine on Tesla rally
BY Reuters | CORPORATE | 10/27/24 11:31 PM EDT*
KOSPI rises, foreigners net sellers
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Korean won weakens against dollar
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South Korea benchmark bond yield rises
SEOUL, Oct 28 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares rose on Monday as local battery suppliers of Tesla gained after the EV market leader's rally last week. The won weakened, while the benchmark bond yield rose.
** The benchmark KOSPI rose 11.60 points, or 0.45%, to 2,594.87 by 02:17 GMT.
** Among index heavyweights, chipmaker Samsung Electronics
** LG Energy Solution posted a 39% drop in quarterly profit, but shares rose as the result beat analysts' estimates.
** Hyundai shed 0.44% and sister automaker Kia gained 3.02%, while search engine Naver and instant messenger Kakao added 0.83% and 0.82%, respectively.
** Tesla closed nearly 22% higher on Thursday, its biggest single-day gain in over a decade, as CEO Elon Musk's bold forecast of surging sales reassured investors that he was still looking to grow the core business of selling electric cars.
** Korea Zinc secured 9.85% of its shares in a buyback it launched to block shareholders from selling stakes to its top investor Young Poong and private equity firm MBK.
** Foreigners were net sellers of shares worth 52.4 billion won ($37.8 million) on the main board.
** The won was quoted at 1,390.1 per U.S. dollar on the onshore settlement platform, 0.06% lower than its previous close at 1,389.2.
** The KOSPI has fallen 2.28% so far this year but gained 0.3% in the previous 30 trading sessions.
** The won has lost 7.3% against the dollar so far this year.
** In money and debt markets, December futures on three-year treasury bonds fell 0.15 point to 105.85.
** The most liquid three-year Korean treasury bond yield rose by 5.5 basis points to 2.933%, while the benchmark 10-year yield rose by 6.3 basis points to 3.113%. ($1 = 1,386.3200 won) (Reporting by Cynthia Kim; Editing by Sumana Nandy)
