S.Korea shares end firmer as Fed's Powell soothes inflation fears

* KOSPI rises, foreigners net buyers

* Korean won strengthens against U.S. dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, Feb 25 (Reuters) – Round-up of South Korean financial markets:

South Korean shares posted on Thursday their best day in almost two months, driven by chip heavyweights and foreign buying, after U.S. Federal Reserve Chair Jerome Powell’s reaffirmation to keep interest rates low boosted risk appetite globally.

** The Korean won and the benchmark bond yield strengthened.

** The benchmark KOSPI closed up 104.71 points, or 3.50%, at 3,099.69, marking the biggest daily gain since Jan. 8, after recovering from a 2.45% decline in the previous session.

** Chip giants Samsung Electronics and SK Hynix rose 4.02% and 9.19%, respectively, while Naver and LG Chem added 2.41% and 3.49%.

** In a second day of testimony in Washington, Powell reiterated the Fed’s promise to get the U.S. economy back to full employment and to not worry about inflation unless prices rose in a persistent and troubling way.

** Back home, the Bank of Korea said it was in no rush to remove monetary stimulus even with inflationary expectations on the rise, as the pandemic continues to cloud economic outlook.

** Foreigners were net buyers of 968.4 billion won ($874.35 million) worth of shares on the main board.

** The won ended at 1,107.8 per dollar on the onshore settlement platform, 0.40% higher than its previous close at 1,112.2.

** In offshore trading, the won was quoted at 1,107.7, while in non-deliverable forward trading its one-month contract was quoted at 1,107.4.

** The trading volume during the session in the KOSPI index was 1,254.54 million shares. Of the total traded issues of 911, the number of advancing shares was 805.

** The most liquid 3-year Korean treasury bond yield fell by 1.4 basis points to 0.992%, while the benchmark 10-year yield rose by 4.0 basis points to 1.891%.

Source: Read Full Article