Global Markets | South Korean shares dip, but mark second weekly gain on Iran ceasefire hopes

Round-up of South Korean financial markets: ** South Korean shares closed lower on Friday, but logged a second straight weekly gain on hopes the U.S. and Iran could secure a permanent ceasefire ahead of ‌the expiry ⁠of truce ⁠next week. The won weakened, while the benchmark bond yield rose. *

* The benchmark KOSPI closed down 34.13 points, or 0.55%, at 6,191.92. For the week, the index was up 5.68%. *

* Among index heavyweights, chipmaker Samsung Electronics fell 0.69%, while peer SK Hynix lost 2.34%. Battery maker LG Energy Solution climbed 0.48%. *


* Hyundai Motor and sister automaker Kia Corp were up 0.75% ⁠and up ‌0.82%, respectively. Steelmaker POSCO Holdings added 4.05%, while drugmaker Samsung BioLogics fell 0.93%. *

* Iran could consider allowing ships to sail freely ⁠through the Omani side of the Strait of Hormuz without risk of attack as part of proposals it has offered in negotiations with the United States, providing a deal is clinched to prevent renewed conflict, a source briefed by Tehran said. *

* South Korea's finance minister said at a policy meeting that authorities aim to spend 85% of the 10.5 trillion won ($7.10 billion) earmarked for fuel cost ‌relief within the first half of the year, following the approval by parliament of an extra budget. *

* Foreigners were net sellers of shares worth 1,997.1 billion won. *

* ⁠In offshore trading, the won was quoted at 1,482.7 per dollar, down 0.2% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,481.4. *

* The KOSPI has risen 46.93% so far this year. ** The won has weakened 3.0% against the dollar this year. *

The most liquid three-year Korean treasury bond yield rose by 3.3 basis points to 3.370%, while the benchmark 10-year yield rose by 4.7 basis points to 3.719%.