South Korean shares hit record high on export surge, Nvidia optimism
NVIDIA Corporation NVDA | 0.00 |
SEOUL, June 1 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares rose sharply on Monday to record highs, driven by chip-led surge in exports and optimism over potential AI cooperation with Nvidia.
** The benchmark KOSPI .KS11 climbed 389.34 points, or 4.59%, to 8,865.49, as of 0311 GMT, hitting its highest level on record.
** A "sidecar" trading curb was activated during the session after sharp gains in futures, briefly halting programme trading.
** South Korea's exports grew more than expected in May at the strongest annual rate in over four decades, as a global boom in AI investment drove chip sales to a record, swelling optimism on the trade-reliant economy and its world-beating stock rally.
** Shares in South Korean tech firms rallied as expected meetings between Nvidia NVDA.O CEO Jensen Huang and Korean executives fuelled hopes of tie-ups in AI and robotics.
** Chipmaker Samsung Electronics 005930.KS rose 9.70%, while peer SK Hynix 000660.KS gained 2.01%. Hyundai Motor 005380.KS rose 5.05%, while e-commerce firm Naver 035420.KS surged 15.6%.
** Among other index heavyweights, battery maker LG Energy Solution 373220.KS slid 0.11%, while steelmaker POSCO Holdings 005490.KS shed 2.13%. Drugmaker Samsung BioLogics 207940.KS rose 1.61%.
** Of the total 923 traded issues, 195 shares advanced, while 713 declined.
** Foreigners were net sellers of shares worth 2 trillion won ($1.32 billion).
** The won was quoted at 1,516.3 per dollar on the onshore settlement platform KRW=KFTC, 0.76% lower than its previous close at 1,504.8.
** In money and debt markets, June futures on three-year treasury bonds KTBc1 lost 0.13 point to 103.20.
** The most liquid three-year Korean treasury bond yield KR3YT=RR was flat at 3.738%, while the benchmark 10-year yield KR10YT=RR was flat at 4.071%.
($1 = 1,516.2900 won)
