The Business Times

Seoul: Stocks extend gains on tech boost

Published Fri, Jan 22, 2021 · 10:41 AM

[SEOUL] South Korean shares rose on Friday for a fourth straight session and were poised to post their 11th weekly gain in 12, led by technology heavyweights Naver and Kakao. The won weakened, while the benchmark bond yield rose.

The Kospi rose 17.64 points or 0.6 per cent to 3,178.48 by 0200 GMT, adding 2.8 per cent so far this week. It had settled 1.5 per cent higher on Thursday, marking its record close.

Portal giant Naver and messenger app operator Kakao surged 7.9 per cent and 4.1 per cent respectively, following gains in Apple Inc and other US tech shares.

Other major heavyweights traded mixed. Chip giant Samsung Electronics was up 0.2 per cent, while peer SK Hynix slid 0.8 per cent.

A Reuters poll showed the South Korean economy likely grew at a slower pace in the fourth quarter as a boost in exports was partially offset by sluggish domestic demand due to toughened Covid-19 social distancing measures since late last year.

"Investors are closely watching the US$1.9 trillion US stimulus and US Treasury Secretary Janet Yellen's remark. Next week's US Federal Reserve meeting is also eyed," said DS Investment & Securities' Na Jeong-hwan.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

VIEW ALL

Foreigners were net sellers of 44.3 billion won (S$53.2 million) worth of shares on the main board.

The won was quoted at 1,101.2 per US dollar on the onshore settlement platform, 0.3 per cent lower than its previous close.

In offshore trading, the won was quoted at 1,101.2 per US dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,100.6.

In money and debt markets, March futures on three-year treasury bonds fell 0.06 point to 111.54.

The most liquid three-year Korean treasury bond yield rose by 0.8 basis points to 0.979 per cent.

REUTERS

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Capital Markets & Currencies

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here