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[THE INVESTOR] South Korean stocks rose more than 1 percent on Sept. 5 to hit the highest level in 14 months on speculation that weaker-than-expected jobs data in the United States may delay a much-awaited rate hike in there. The Korean won surged against the US dollar.
The benchmark KOSPI added 21.77 points, or 1.07 percent, to close at 2,060.08. Trade volume was moderate at 567 million shares worth 4.08 trillion won (US$3.69 billion), with gainers outnumbering losers 530 to 296.
Data by the US Labor Department showed that U.S. payrolls climbed by 151,000 last month following a 275,000 gain in July, lower than the expected addition of some 180,000, lowering expectations that the US Fed may raise its interest rates this month.
“The August jobs data reduced the need (for the Fed) to raise the borrowing costs soon,” said Hong Choon-wook, an analyst at Kiwoom Securities.
Top market cap Samsung Electronics rose 0.56 percent to end at 1,606,000 won, after it announced an unprecedented global recall of its Galaxy Note 7 after several of the phablets caught fire while being charged, promising to offer new replacements to all buyers at home and abroad.
Naver, the top internet portal operator, advanced 2.29 percent to 850,000 won, and SK hynix, a major chipmaker, gained 2.32 percent to 37,500 won.
Hyundai Motor rose 2.96 percent to 139,000 won, and its smaller affiliate Kia Motors climbed 1.32 percent to 42,300 won.
AmorePacific, the No. 1 cosmetics maker, suffered a 2.46 percent dip to 396,000 won.
Hanjin Shipping, the No. 1 container shipper, closed at 1,070 won, down 13.71 percent, after it was put under court receivership last week.
Korean Air, the parent firm of Hanjin Shipping, sank 2 percent to 34,300 won on worries that it may inject additional cash into the financially troubled shipper.
The local currency closed at 1,105.1 won against the US dollar, up 12.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys shed 1.9 basis points to 1.307 percent and the return on the benchmark five-year government bond fell 2.5 basis points at 1.355 percent.
(theinvestor@heraldcorp.com)
The benchmark KOSPI added 21.77 points, or 1.07 percent, to close at 2,060.08. Trade volume was moderate at 567 million shares worth 4.08 trillion won (US$3.69 billion), with gainers outnumbering losers 530 to 296.
Data by the US Labor Department showed that U.S. payrolls climbed by 151,000 last month following a 275,000 gain in July, lower than the expected addition of some 180,000, lowering expectations that the US Fed may raise its interest rates this month.
“The August jobs data reduced the need (for the Fed) to raise the borrowing costs soon,” said Hong Choon-wook, an analyst at Kiwoom Securities.
Top market cap Samsung Electronics rose 0.56 percent to end at 1,606,000 won, after it announced an unprecedented global recall of its Galaxy Note 7 after several of the phablets caught fire while being charged, promising to offer new replacements to all buyers at home and abroad.
Naver, the top internet portal operator, advanced 2.29 percent to 850,000 won, and SK hynix, a major chipmaker, gained 2.32 percent to 37,500 won.
Hyundai Motor rose 2.96 percent to 139,000 won, and its smaller affiliate Kia Motors climbed 1.32 percent to 42,300 won.
AmorePacific, the No. 1 cosmetics maker, suffered a 2.46 percent dip to 396,000 won.
Hanjin Shipping, the No. 1 container shipper, closed at 1,070 won, down 13.71 percent, after it was put under court receivership last week.
Korean Air, the parent firm of Hanjin Shipping, sank 2 percent to 34,300 won on worries that it may inject additional cash into the financially troubled shipper.
The local currency closed at 1,105.1 won against the US dollar, up 12.1 won from the previous session’s close.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys shed 1.9 basis points to 1.307 percent and the return on the benchmark five-year government bond fell 2.5 basis points at 1.355 percent.
(theinvestor@heraldcorp.com)
