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South Korean shares close at highest in nearly two years on chip boost
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South Korean shares close at highest in nearly two years on chip boost
Mar 26, 2024 12:51 AM

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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, March 26 (Reuters) - Round-up of South Korean

financial markets:

** South Korean shares rose on Tuesday to their highest in

nearly two years as heavyweight chipmakers rallied, tracking an

overnight jump in U.S. peer Micron Technology ( MU ). The won

strengthened, while the benchmark bond yield rose.

** The benchmark KOSPI ended up 19.52 points, or

0.71%, at 2,757.09, its highest closing level since April 5,

2022.

** Chipmaker Samsung Electronics rose 2.17% and

peer SK Hynix gained 4.25%, after Micron

Technology's ( MU ) overnight 6.3% jump.

** "Local semiconductor stocks rose after Micron hit a new

high and were also boosted by foreign buying," said Cho Jun-kee,

an analyst at SK Securities.

** South Korean consumer spending will benefit from interest

rate cuts when the central bank makes them, a member of its

board said on Tuesday, adding that domestic demand has become

more sensitive to interest rates than before.

** South Korea's consumer sentiment dropped sharply in March

on growing worries about higher produce prices, a central bank

survey showed on Tuesday, as inflation hitting the dinner table

emerges as a major policy issue at next month's elections.

** Of the total 933 traded issues, 456 shares advanced,

while 405 declined.

** Foreigners were net buyers of shares worth 622.2 billion

won ($464.20 million) on the main board.

** The won ended onshore trade at 1,339.5 per

dollar, 0.19% higher than its previous close at 1,342.1.

** In money and debt markets, June futures on three-year

treasury bonds fell 0.05 point to 104.82.

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

rose by 1.2 basis points to 3.301%, while the benchmark 10-year

yield rose by 2.5 basis points to 3.394%.

($1 = 1,340.3600 won)

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