South Korean shares rebound from 6-month closing low on strong export data

By Reuters News

SEOUL, Oct 21 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares rose more than 3% on Wednesday, rebounding from a 6-month closing low, as chipmakers rose on strong export data and upbeat demand forecasts.

** The benchmark KOSPI .KS11 was up 168.52 points, or 3.03%, at 5,721.26, as of 0121 GMT. On Tuesday, the index logged its lowest close since April 7.

** South Korea's exports more than doubled in the first 20 days of this month from a year earlier, led by record chip sales driven by global AI investment, customs data showed.

** Super Micro Computer SMCI.O surged in after-hours trading on Tuesday after the server maker forecast quarterly revenue and profit margin well above Wall Street estimates on relentless AI data centre demand. The upbeat outlook also lifted other AI-related stocks.

** "The market is seen recovering the previous session's losses on a technical rebound, eased pressure from oil prices and bond yields, and strength in US chip stocks on Super Micro's earnings surprise," said Han Ji-young, an analyst at Kiwoom Securities.

** Chipmaker Samsung Electronics 005930.KS rose 5.08%, while peer SK Hynix 000660.KS gained 6.13%.

** Among other index heavyweights, battery maker LG Energy Solution 373220.KS slid 0.36%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 0.65% and 2.14%, respectively.

** Steelmaker POSCO Holdings 005490.KS shed 0.17%, while drugmaker Samsung BioLogics 207940.KS rose 1.22%.

** AI infrastructure firm Elice Group surged 30%, rebounding from a slump in its market debut on Tuesday.

** Of the total 913 traded issues, 366 shares advanced, while 495 declined.

** Foreigners were net buyers of shares worth 215.8 billion won ($162.70 million).

** The won was quoted at 1,326.0 per dollar on the onshore settlement platform , steady from its previous close at 1,326.0.

** The most liquid three-year Korean treasury bond yield fell by 0.7 basis points to 3.828%, while the benchmark 10-year yield fell by 5.6 basis points to 4.160%.


($1 = 1,326.3400 won)

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