South Korean shares end more than 1% higher as auto, financials jump
KOSPI rises, foreigners net buyers
Korean won strengthens against dollar
South Korea benchmark bond yield falls
For the midday report, please click nL1N3JL01J
SEOUL, July 29 (Reuters) -Round-up of South Korean financial markets:
** South Korean shares gained more than 1% on Monday, led by auto and financial stocks, as risk appetite recovered on benign inflation data in the United States.
** The won strengthened, while the benchmark bond yield fell.
** The benchmark KOSPI .KS11 closed up 33.63 points, or 1.23%, at 2,765.53, marking its biggest daily jump since July 5.
** U.S. prices rose moderately in June, data showed on Friday, underscoring an improving inflation environment that potentially positions the Federal Reserve to begin cutting interest rates in September.
** The transport equipment index .KS42 rose 2.63% as Hyundai Motor 005380.KS climbed 4.93% and sister automaker Kia Corp 000270.KS gained 1.43%.
** The finance-major index .KS49 climbed 1.80%, while the securities-minor Index .KS53 jumped 2.53%.
** Auto and financial stocks are among those considered to benefit the most from the government's "Corporate Value-up Programme" designed to boost the stock market by encouraging higher dividend payouts.
** Last week, South Korea proposed tax cuts for companies paying more dividends to shareholders.
** "Optimism regarding the 'Value-up Programme' remained intact for some companies of strong earnings," said Huh Jae-hwan, an analyst at Eugene Investment Securities.
** Most other index heavyweights also advanced, including chipmakers, e-commerce-firms and biopharmaceutical manufacturers.
** Foreigners were net buyers of shares worth 444.7 billion won ($321.68 million).
** The won was quoted at 1,381.9 per dollar on the onshore settlement platform KRW=KFTC, 0.14% higher than its previous close at 1,383.8.
** The most liquid three-year Korean treasury bond yield fell by 4.1 basis points to 2.985%, hitting its lowest since late July 2022, and the benchmark 10-year yield fell by 5.6 basis points to 3.052%, its lowest since early April 2022.
($1 = 1,382.4500 won)
Reporting by Jihoon Lee; Editing by Mrigank Dhaniwala
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