South Korean shares pare early gains on oil price caution
South Korean shares closed marginally higher on Tuesday, paring significant early gains as caution over oil prices and bond yields overshadowed investor sentiment ahead of local holidays. The benchmark KOSPI index ended up 0.15%.
KOSPI rises, foreigners net buyers Korean won strengthens against dollar South Korea benchmark bond yield rises For the midday report, please click... SEOUL, Sept 22 (Reuters) — Round-up of South Korean financial markets: * South Korean shares cut early gains to close marginally higher on Tuesday on caution over oil prices ahead of a holiday period. * The benchmark KOSPI closed up 10.19 points, or 0.15%, at 7,017.91, after rising as much as 2.3% earlier in the session. * In afternoon trading, the index briefly turned lower.
* "There is caution ahead of a local holiday period, and there still are concerns over oil prices and bond yields," said Huh Jae-hwan, an analyst at Eugene Investment Securities. * Local financial markets will be closed on Thursday and Friday for Chuseok holidays. * Oil prices gained for the first time in five sessions as investors awaited developments on potential US-Iran talks at the United Nations General Assembly this week after more supplies emerged through the Strait of Hormuz over the weekend.
* A board member of the Bank of Korea said the central bank would determine the timing and pace of further interest rate hikes by closely assessing inflation, economic growth and financial stability. * Chipmaker Samsung Electronics rose 0.91%, while peer SK Hynix lost 1.50%. * Nuclear energy-related and construction stocks rose on hopes of a boost from South Korea's plans for US investments, with KEPCO Engineering & Construction rising 6.6% and Taihan Cable & Solution gaining 6.4%. Doosan Enerbility rose 1.4%, while Hyundai Engineering & Construction climbed 4.5%.
* South Korea confirmed its first project under a $350 billion US investment pact and said it is considering two others, moving ahead despite profitability concerns and criticism from President Donald Trump over the pace of implementation. * Of the total 914 traded issues, 383 shares advanced, while 463 declined. * Foreigners were net buyers of shares worth 76.2 billion won ($56.02 million). * The won was quoted at 1,358.2 per dollar on the onshore settlement platform, 1.27% higher than its previous close at 1,375.4.
* The most liquid three-year Korean treasury bond yield fell by 1.5 basis points to 4.040%, while the benchmark 10-year yield rose by 1.4 basis points to 4.460%. ($1 = 1,360.3300 won) (Reporting by Jihoon Lee; Editing by Rashmi Aich) ((mailto:jihoon.lee@thomsonreuters.com;)