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S. Korean shares post best day in over a month, Nvidia-supplier SK Hynix shines
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S. Korean shares post best day in over a month, Nvidia-supplier SK Hynix shines
Sep 13, 2024 12:29 PM

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KOSPI rises, foreigners net buyers

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Korean won strengthens against dollar

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South Korea benchmark bond yield rises

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For the midday report, please click

SEOUL, Sept 12 (Reuters) - Round-up of South Korean

financial markets:

** South Korean shares jumped more than 2% on Thursday, its

best day in more than a month, as Nvidia ( NVDA )-supplier SK Hynix ( HXSCF )

tracked sharp gains in the U.S. AI firm, while other chipmakers

and automakers also rallied.

** The benchmark KOSPI closed up 58.72 points, or

2.34%, at 2,572.09, snapping seven sessions of declines and

marking its biggest percentage gain since Aug. 6.

** "Chip stocks rose on Nvidia's ( NVDA ) comments that demand was

strong for AI chips," said Lee Kyoung-min, an analyst at Daishin

Securities.

** SK Hynix ( HXSCF ) rose 7.38%, posting its best session

since March 21, after Nvidia's ( NVDA ) 8% overnight jump.

** Rival Samsung Electronics rose 2.16% after

Reuters reported that the company is cutting up to 30% of its

overseas staff.

** Hyundai Motor ( HYMTF ) added 3.8%, while sister

automaker Kia gained 3.01%. Both will likely be

among the biggest gainers of the government's market reform

measures, according to analysts.

** South Korea's public pension fund, which has been

aggressively raising overseas investments, pledged to look at

domestic opportunities.

** A board member of South Korea's central bank said

economic growth and financial stability are key factors being

considered to determine the time and pace of interest rate cuts.

** Among other index heavyweights, battery maker LG Energy

Solution climbed 3.76%, while search engine Naver

and instant messenger Kakao added 2.30%

and 2.61%, respectively.

** Foreigners were net buyers of shares worth 275.8 billion

won ($206 million).

** The won was quoted at 1,338.7 per U.S. dollar on the

onshore settlement platform, 0.21% higher than its

previous close of 1,341.5.

** The most liquid three-year Korean treasury bond yield

rose by 1.2 basis points (bps) to 2.861%, while the benchmark

10-year yield rose by 1.5 bps to 2.962%.

($1 = 1,338.8700 won)

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