SEOUL, Oct 1 (Reuters) – Round-up of South Korean financial markets:
** South Korean shares recouped early losses to end nearly 2% higher on Thursday, led by gains in chipmakers after domestic trade data smashed forecasts to hit a fresh record.
** The benchmark KOSPI closed 133.31 points, or 1.95% higher, at 6,971.35, after falling as much as 1.1% earlier in the session.
** The KOSPI snapped three consecutive sessions of decline to post its biggest daily percentage rise since September 18.
** “The domestic market was led by strength in the chip sector after export data. However, we still need to see if growth rates will continue to improve,” said Seo Sang-young, an analyst at Mirae Asset Securities.
** South Korea’s exports jumped 83.5% in September from a year earlier to a record $120.9 billion, beating the median market expectation for a 62.0% increase, as semiconductor shipments more than tripled on global AI spending.
** South Korea’s factory activity grew in September at the strongest pace in four months, as export demand hit the fastest pace in 15-1/2 years led by the chip and auto sectors, a survey showed.
** Upbeat domestic data came after US chipmaker Micron Technology forecast quarterly revenue above estimates on Wednesday and said customers had increased commitments under its long-term supply agreements to $32 billion, signalling unabated demand for AI memory chips.
** South Korea’s finance minister said authorities would closely monitor financial markets and take pre-emptive action if needed.
** South Korean chipmaker Samsung Electronics rose 2.79% and peer SK Hynix gained 3.21%, leading the benchmark index higher.
** Of the total 916 traded issues, 542 shares advanced, while 332 declined.
** Foreigners were net sellers of shares worth 547.3 billion won ($402.93 million).
** The won was quoted at 1,358.4 per dollar on the onshore settlement platform, 0.20% lower than its previous close at 1,355.7.
** The most liquid three-year Korean treasury bond yield fell by 0.2 basis points to 4.009%, while the benchmark 10-year yield rose by 2.8 basis points to 4.429%.
($1 = 1,358.3100 won)
(Reporting by Jihoon Lee; Editing by Ronojoy Mazumdar)
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