Global Market: KOSPI gains on chip boost; foreigners turn net buyers

South Korean shares rose on Friday, supported by gains in major chipmakers after U.S. semiconductor stocks advanced in the previous session. However, the benchmark was still headed for a weekly decline, Reuters reported.

The KOSPI gained 0.68% to 6,898.84 by 0214 GMT, but remained about 1% lower for the week. Samsung Electronics climbed 3.14%, while SK Hynix advanced 3.67%, tracking a 0.5% rise in the Philadelphia Semiconductor Index on Thursday.

Samsung Electronics was also in focus ahead of a board meeting expected to discuss a new shareholder return package.


The broader market remained weak, however, with 791 of the 903 traded stocks declining, compared with only 99 gainers. LG Energy Solution fell 3.91%, while Hyundai Motor and Kia declined 1.44% and 0.69%, respectively. POSCO Holdings dropped 4.51%, and Samsung BioLogics lost 2.60%.

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Foreign investors were net buyers of South Korean shares worth 296.6 billion won ($214.83 million), providing support to the benchmark.

The Korean won strengthened 0.96% against the dollar to 1,382.7 on the onshore settlement platform, compared with Thursday's close of 1,396.

South Korea's finance minister said authorities would proactively assess risks across financial, foreign exchange, bond and housing markets and respond when necessary.

Meanwhile, the new deputy governor of the Bank of Korea said monetary policy would be handled carefully and flexibly, with policymakers considering a range of factors, including potential side effects from higher interest rates.

In the bond market, South Korean government bond yields moved higher. The benchmark three-year Treasury yield rose 2.4 basis points to 3.846%, while the 10-year yield increased 3.2 basis points to 4.366%. September three-year Treasury futures fell 0.06 point to 103.16.

The rise in bond yields came despite the stronger won and gains in equities, highlighting continued attention on monetary policy and financial-market risks, Reuters reported.

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