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South Korean shares gain over 1% as Samsung Electronics rallies on Nvidia hopes
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South Korean shares gain over 1% as Samsung Electronics rallies on Nvidia hopes
Mar 20, 2024 12:45 AM

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KOSPI rises, foreigners net buyers

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Korean won steady against dollar

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South Korea benchmark bond yield little changed

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For the midday report, please click

SEOUL, March 20 (Reuters) - Round-up of South Korean

financial markets:

** South Korean shares rose more than 1% on Wednesday as

chipmaker Samsung Electronics ( SSNLF ) rallied on hopes for advanced chip

supplies to Nvidia ( NVDA ).

** The won and the benchmark bond yield were steady ahead of

the U.S. Federal Reserve's policy meeting outcome due later in

the day.

** The benchmark KOSPI closed up 33.97 points, or

1.28%, at 2,690.14, marking its biggest daily percentage gain

since Feb. 19 and outperforming most Asian peers.

** "It was Samsung Electronics ( SSNLF ) that led the rise in the

benchmark index, accounting for almost 90% of the total gains,"

said Lee Kyoung-min, an analyst at Daishin Securities.

** Samsung Electronics ( SSNLF ) rose 5.6%, posting its

best day since early September, after U.S. chipmaker Nvidia ( NVDA )

said it was qualifying the South Korean chipmaker's

high bandwidth memory (HBM) chips. Rival SK Hynix

fell 2.3%.

** Samsung Electronics ( SSNLF ) expects revenue of $100 million or

more from its next batch of advanced chip-packaging products

this year, its co-CEO said.

** The finance-major index climbed 1.04%, after the

finance minister's comments on Tuesday that the government was

considering tax cuts to boost dividend payouts by listed firms.

** Globally, investor focus is on the U.S. central bank's

policy meeting outcome, especially clues on the timing of an

interest rate cut.

** Of the total 933 traded issues, 481 shares advanced,

while 382 declined.

** Foreigners were net buyers of shares worth 840.4 billion

won ($626.98 million) on the main board.

** The won ended onshore trade unchanged at

1,339.8 per dollar.

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

treasury bonds rose 0.04 point to 104.59.

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

rose by 0.4 basis point to 3.383%, while the benchmark 10-year

yield fell by 1.0 basis point to 3.459%.

($1 = 1,340.3900 won)

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