Seoul: Stocks end higher; post seventh monthly gain

[SEOUL] South Korean shares ended higher on Monday, led by foreign buying, and notched a seventh straight monthly gain as investors looked ahead to May exports data and a key US jobs report later this week. Both the won and the benchmark bond yield rose.

The Kospi closed up 15.19 points or 0.48 per cent to 3,203.92. It ended 1.78 per cent higher for May.

Among the heavyweights, chip giants Samsung Electronics and SK Hynix rose 0.50 per cent and 1.60 per cent, respectively, internet giant Naver added 1.26 per cent.

Foreigners turned net buyers, picking up 520.9 billion won (S$621.1 million) worth of shares on the main board. They, however, sold 8.52 trillion won for the whole of May, Korea Exchange data showed, the biggest monthly amount since March 2020.

South Korea's May exports are expected to have risen at their quickest pace in over three decades, thanks in part to strong global demand for the nation's key foreign exchange earners such as semiconductors, cars and petroleum products.

Meanwhile, Monday data showed the country's April factory output unexpectedly declined from March but logged the fastest expansion in almost three years on a year-on-year basis.

The won ended at 1,110.9 per dollar on the onshore settlement platform, 0.41 per cent higher than its previous close at 1,115.5.

In offshore trading, the won was quoted at 1,110.8 per dollar, up 0.2 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,110.1.

In money and debt markets, June futures on three-year treasury bonds fell 0.18 point to 110.71.

The most liquid three-year Korean treasury bond yield rose by 6.6 basis points to 1.228 per cent.

REUTERS