South Korean shares hit record high on export surge, Nvidia optimism

NVIDIA Corporation

NVIDIA Corporation

NVDA

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KOSPI rises, foreigners net sellers

Korean won weakens against dollar

South Korea benchmark bond yield flat

- 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)