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South Korean shares turn higher on dip buying after strong exports

By Reuters News

SEOUL, Nov 2 (Reuters) - A round-up of South Korean financial markets:

** South Korean shares recovered early losses to turn higher on Monday, as strong exports fuelled dip-buying sentiment.

** The benchmark KOSPI .KS11 was up 19.49 points, or 0.34%, at 5,750.23 as of 0157 GMT, after falling nearly 2% earlier in the session.

** The index opened lower, tracking Wall Street's losses on worries about AI-related companies' massive spending on the nascent technology. .N

** "The stock market is again in over-sold territory, and fundamentals are solid with earnings forecasts improving," said Han Ji-young, an analyst at Kiwoom Securities.

** "October exports' surprise also boosts the possibility of additional upward revisions to earnings consensus," Han said.

** South Korea's exports nearly doubled in October, the sharpest jump in more than 50 years, as robust global demand for AI investment boosted shipments of the country's chips.

** South Korea's factory activity grew in October at the slowest pace in eight months on weaker output and demand, a survey showed.

** South Korean President Lee Jae Myung vowed to make bold investments in artificial intelligence to boost the country's economic growth potential, in an address to parliament seeking approval of next year's budget spending plans.

** Chipmaker Samsung Electronics 005930.KS fell 1.11%, while peer SK Hynix 000660.KS gained 0.92%.

** Among other index heavyweights, battery maker LG Energy Solution 373220.KS slid 0.70%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were up 0.53% and down 0.63%, respectively.

** Of the total 909 traded issues, 565 shares advanced, while 299 declined.

** Foreigners were net sellers of shares worth 344.0 billion won ($257.98 million).

** The won was quoted at 1,337.5 per dollar on the onshore settlement platform , 0.24% lower than its previous close at 1,334.3.

** The most liquid three-year Korean treasury bond yield rose by 2.9 basis points to 3.742%, while the benchmark 10-year yield rose by 3.9 basis points to 4.047%.

($1 = 1,333.4600 won)

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