South Korean shares turn higher on dip buying after strong exports
The benchmark KOSPI rose 0.34 per cent on Monday as strong export data fuelled investor sentiment.
South Korean shares recovered from early losses to turn higher on Monday, according to Mint, as strong exports encouraged dip-buying. The benchmark KOSPI index rose 19.49 points, or 0.34 per cent, to 5,750.23 as of 0157 GMT after an initial fall of nearly 2 per cent.
Han Ji-young, an analyst at Kiwoom Securities, said the stock market is in over-sold territory and fundamentals are solid with improving earnings forecasts. Han added that surprise October exports could boost the possibility of upward revisions to earnings consensus.
South Korea's exports nearly doubled in October, marking the sharpest jump in more than 50 years. This was driven by robust global demand for AI investment, which boosted chip shipments.
In the semiconductor sector, chipmaker Samsung Electronics fell 1.11 per cent, while SK Hynix gained 0.92 per cent. Battery maker LG Energy Solution slid 0.70 per cent, while Hyundai Motor rose 0.53 per cent and Kia Corp fell 0.63 per cent.
Foreigners were net sellers of shares worth 344.0 billion won ($257.98 million). The Korean won weakened to 1,337.5 per dollar, down 0.24 per cent from its previous close. The three-year Korean treasury bond yield rose to 3.742 per cent, while the 10-year yield rose to 4.047 per cent.