- KOSPI rises, foreigners net buyers
- Korean won strengthens against dollar
- South Korea benchmark bond yield flat
South Korean shares closed higher on Friday with shipbuilders rallying ahead of President Lee Jae Myung’s first summit with U.S. President Donald Trump on Monday in Washington, where cooperation in shipbuilding is expected to be a key topic.
For the week, the Kospi declined 1.76 percent as rate-cut outlook dimmed in the U.S., leading to declines in global equity markets.
The won strengthened, while the benchmark bond yield was unchanged. The benchmark KOSPI .KS11 closed up 26.99 points, or 0.86 percent, at 3,168.73.
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HD Hyundai Heavy 329180.KS was up 2.33 percent and HD Korea Shipbuilding 009540.KSrose 1.41 percent, while Samsung Heavy Industries 010140.KS gained 3.12 percent.
South Korean shipbuilders will lead a $150 billion partnership with the U.S. to rebuild the American shipbuilding industry.
U.S. Federal Reserve officials on Thursday appeared lukewarm to the idea of an interest rate cut next month, as investors geared up for U.S. central bank chief Jerome Powell’s speech at the annual Jackson Hole conference in Wyoming.
Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 1.13 percent, while peer SK Hynix 000660.KS gained 2.45 percent. Battery maker LG Energy Solution 373220.KS slid 1.34 percent.
Hyundai Motor 005380.KS was down 0.68 percent and sister automaker Kia Corp 000270.KS was up 0.87 percent.
Steelmaker POSCO Holdings 005490.KS shed 0.83 percent, while drugmaker Samsung BioLogics 207940.KS rose 1.28 percent.
Of the total 934 traded issues, 462 shares advanced, while 412 declined.
Foreigners were net buyers of shares worth 180.7 billion won.
KOSPI rose 32.06 percent so far this year, while the won strengthened 5.6 percent against the dollar.
In money and debt markets, September futures on three-year treasury bonds KTBc1 lost 0.06 point to 107.26.
The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 2.1 basis points to 2.456 percent, while the benchmark 10-year yield KR10YT=RR was flat at 2.852 percent.
