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South Korean battery shares shine on Tesla rally
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South Korean battery shares shine on Tesla rally
Nov 3, 2024 12:14 PM

*

KOSPI rises, foreigners net sellers

*

Korean won weakens against dollar

*

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 ( SSNLF )

rose 2.33% and peer SK Hynix ( HXSCF ) lost 1.19%,

while Tesla battery suppliers LG Energy Solution

and LG Chem rose 0.9% and 4.6%, respectively.

** 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)

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