S.Korean shares post best day in three weeks as chipmakers rally



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KOSPI rebounds from over two-year low

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Korean won strengthens against dollar

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South Korea benchmark bond yield drops

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For the midday report, please click

SEOUL, Oct 4 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares rose more than 2% on Tuesday, tracking an improved risk appetite in global markets, with heavyweight chipmakers rallying on the prospect that potential production cuts will help offset weak demand.

** The won strengthened, while the benchmark bond yield fell.

** The benchmark KOSPI .KS11 ended up 53.89 points or 2.50% at 2,209.38, marking its biggest intraday gain since Sept. 13. In the previous session, the index closed at its lowest level since July 2020.

** "The local market belatedly, and in one day, tracked Asian peer's rebounding trend," said Seo Jung-hun, an analyst at Samsung Securities. The market was closed on Monday for a public holiday.

** Technology giant Samsung Electronics 005930.KS and peer SK Hynix 000660.KS rose 3.95% and 3.73%, respectively, leading the gains in the index. Battery maker LG Energy Solution 373220.KS gained 4.22%.

** Investor sentiment around the chip industry improved following decisions to cut investment and production by Micron Technology in the United States and Japan's Kioxia.

** Refiner SK Innovation 096770.KS jumped 7.32%, tracking gains in oil prices on expectations of OPEC+ supply cuts.

** Naver 035420.KS saw its worst day since July 2015 with an 8.79% slump, after the technology firm agreed to a $1.6 billion deal to buy a U.S. second-hand fashion platform, as a strategic investment to enter the U.S. e-commerce market. Peer Kakao 035720.KS lost 2.1%.

** Foreigners were net buyers of shares worth 218.0 billion won ($152.93 million) on the main board, extending their buying streak to a third straight session.

** The won was last quoted at 1,426.5 per dollar on the onshore settlement platform KRW=KFTC , 0.26% higher than its previous close. In offshore trading, the won KRW= was quoted up 0.5% at 1,426.2.

** In money and debt markets, December futures on three-year treasury bonds KTBc1 rose 0.46 points to 102.34.

** The most liquid 3-year Korean treasury bond yield dropped 15.1 basis points to 4.063%, while the benchmark 10-year yield fell by 10.6 basis points to 4.003%.

($1 = 1,425.4800 won)
Reporting by Jihoon Lee

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