South Korean shares end higher after volatile trading on Mideast uncertainty
SEOUL, March 24 (Reuters) - Round-up of South Korean financial markets:
South Korean shares closed more than 2% higher on Tuesday, after volatile trading amid heightened uncertainty over the Middle East conflict.
The benchmark KOSPI .KS11 closed up 148.17 points, or 2.74%, at 5,553.92.
The index opened the session higher, tracking Wall Street's overnight gains, before turning briefly lower during the session.
Tehran on Monday denied engaging in talks with Washington, after U.S. President Donald Trump postponed a threat to bomb Iran's power grid, citing what he called productive discussions with unnamed Iranian officials.
"It suggests that Trump is considering the financial market factor. Still, the geopolitical conflict has not been resolved completely," said Lee Kyoung-min, an analyst at Daishin Securities.
South Korea will prepare an extra budget by month-end to support sectors hit by high oil prices during the Middle East war, Finance Minister Koo Yun-cheol said.
Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 1.83%, while peer SK Hynix 000660.KS gained 5.68%. Battery maker LG Energy Solution 373220.KS climbed 10.25%.
Of the total 923 traded issues, 707 shares advanced, while 192 declined.
Foreigners were net sellers of shares worth 2 trillion won ($1.34 billion).
The won was quoted at 1,495.2 per dollar on the onshore settlement platform KRW=KFTC, 0.57% lower than its previous close at 1,486.7.
The won cut losses after Reuters reported that South Korea's state-run pension fund was conducting strategic foreign exchange hedging operations.
The most liquid three-year Korean treasury bond yield KR3YT=RR fell by 7.1 basis points to 3.540%, while the benchmark 10-year yield KR10YT=RR fell by 0.7 basis point to 3.843%.
($1 = 1,495.0900 won)
