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In today’s market roundup, South Korean shares experienced an uplift, notably the KOSPI, which climbed 16.20 points, a 0.63% increase, settling at 2608.06 at 0100 GMT. This rise comes as the finance minister reaffirms the government’s commitment to its corporate reform agenda, dubbed the “Corporate Value-up Programme.”
Finance Minister Choi Sang-mok’s assurances come at a crucial time, as investors express concerns about the momentum of these reforms following the ruling party’s recent electoral setback. These reforms are aimed at enhancing corporate efficiency and market competitiveness, with specific guidelines expected to be released next month.
The market’s reaction was mixed but generally positive in sectors expected to benefit from the government’s focus on reform. Auto and financial stocks saw appreciable gains with Hyundai Motor and Kia Corp rising 3.62% and 2.63%, respectively. The Finance-major Index and the Securities-minor Index also enjoyed increases of 3.59% and 2.30%.
Conversely, the technology sector faced a downturn, with major chipmakers like Samsung Electronics and SK Hynix recording declines of 1.55% and 3.06%, following a 4.1% drop in the Philadelphia Semiconductor Index. This sector’s volatility reflects broader global tech concerns rather than domestic issues alone.
Moreover, the South Korean won edged slightly lower by 0.07% against the dollar, with the onshore settlement standing at 1383.1 per dollar. In the debt market, June futures on three-year treasury bonds saw a slight decrease, while the yields on three-year and ten-year Korean treasury bonds increased, indicating a shift in investor sentiment towards bonds.
The performance of South Korean exports saw an 11.1% increase during the first 20 days of April compared to last year. This indicates resilient export activities, which are crucial for the country’s economic health. Foreign investment trends showed a net sell-off, with foreigners offloading shares worth approximately $109.38 million.
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