South Korean won strengthens on broad dollar weakness
SEOUL: Round-up of South Korean financial markets on Tuesday:
The South Korean won rose along with most Asian peers due to a broad weakness in the dollar as investors await fresh breakthroughs in trade negotiations between Washington and its major trading partners.
The won was quoted at 1,368.0 per dollar on the onshore settlement platform, 0.18% higher than its previous close at 1,370.5.
The KOSPI index declined, while the benchmark bond yield fell.
The benchmark KOSPI was down 12.69 points, or 0.48%, at 2,631.71 as of 0305 GMT.
Among index heavyweights, chipmaker Samsung Electronics fell 1.28%, while peer SK Hynix lost 0.25%. Battery maker LG Energy Solution slid 2.70%.
Hyundai Motor and sister automaker Kia Corp were down 0.38% and up 0.11%, respectively. Steelmaker POSCO Holdings shed 1.86%, while drugmaker Samsung BioLogics fell 1.15%.
South Korea's May consumer sentiment index reached the highest since October 2024, the Bank of Korea data showed.
Of the total 934 traded issues, 322 shares advanced, while 555 declined.
The BOK will lower its key policy rate by 25 basis points on Thursday as economic activity contracted in the last quarter and benign inflation supports the case for easing, a Reuters poll of economists found.
Foreigners were net buyers of shares worth 32.0 billion won.
In offshore trading, the won was quoted at 1,368.1 per dollar, down 0.0% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,364.2.
The KOSPI has risen 9.68% so far this year.
The won has strengthened 7.6% against the dollar so far this year.
In money and debt markets, June futures on three-year treasury bonds lost 0.01 point to 107.49.
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