South Korean stocks climb on regulator’s plan to protect minority shareholders

SEOUL: Round-up of South Korean financial markets:

South Korean shares set to post worst month since Jan on US tariff worries

• South Korean shares rose on Monday after investors gained confidence from the financial regulator’s proposal to amend laws aimed at enhancing protection for minority shareholders.

• The won depreciated, and the benchmark bond yield declined.

• The benchmark KOSPI was up 3.00 points, or 0.12%, at 2,458.91, as of 0223 GMT.

• Among index heavyweights, chipmaker Samsung Electronics fell 1.11% and peer SK Hynix lost 0.69%, while battery maker LG Energy Solution climbed 2.10%.

• The Financial Services Commission said it would work with the ruling party to put forward a revised bill of the Commercial Act this week aimed at better protecting the rights of minority shareholders.

• Shares of Hyundai Motor shed 1.37% and sister automaker Kia Corp gained 1.3%, while search engine Naver and instant messenger Kakao were up 1.21% and up 4.86%, respectively.

• Of the total 937 traded issues, 237 shares advanced, while 668 declined.

• Foreigners were net sellers of shares worth 53.8 billion won on the main board on Monday.

• The won was quoted at 1,401.0 per dollar on the onshore settlement platform, 0.32% lower than its previous close at 1,396.5.

• In offshore trading, the won was quoted at 1,401.5 per dollar, down 0.5% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,399.4.

• The KOSPI has fallen 7.40% so far this year, and lost 5.3% in the previous 30 trading sessions.

• The won has lost 8.1% against the dollar so far this year.

• In money and debt markets, December futures on three-year treasury bonds rose 0.11 point to 106.89.

• The most liquid three-year Korean treasury bond yield fell 2.2 basis points to 2.582%, while the benchmark 10-year yield fell 4.8 basis points to 2.715%.