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Market Update: South Korean Shares Gain at Open
The KOSPI added 17.57 points or 0.54% to 3242.21 in early Friday deals, extending gains of 0.28% yesterday. Market participants proved optimistic despite the steep hike in a key US price gauge, as investors expect the price pressure is still short of starting Federal Reserve discussions to pull back its accommodative policies. Local 10-year bond yields eased from 3-year highs to 2.106% while US 10-year rates were at 3-month lows of 1.444%. On the coronavirus front, KDCA reported 556 more COVID-19 cases as health authorities extended its current virus restriction measures for 3 weeks. In local news, BoK Gov. Lee Ju-yeol said Friday that the country will prepare for an “orderly” exit from the pandemic-era monetary easing policy if an economic recovery remains solid. Among preliminary data, South Koreas export price index rose 1.5% in May from the previous month, while import prices gained 2.6% over the same period. [/s2If]
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