S.Korean shares end higher as financials jump on tax cut plans
KOSPI rises, foreigners net sellers
Korean won weakens against dollar
South Korea benchmark bond yield falls
For the midday report, please click nL1N3JI027
SEOUL, July 26 (Reuters) -Round-up of South Korean financial markets:
** South Korean shares rose on Friday, as chipmakers rebounded after a sell-off fuelled by a global tech rout, and financial stocks rallied after the government's tax cut proposals.
** The benchmark KOSPI .KS11 closed up 21.25 points, or 0.78%, at 2,731.90.
** For the week, however, the KOSPI fell 2.27% in its biggest weekly drop since mid-April.
** Chipmaker Samsung Electronics 005930.KS rose 0.62%, while peer SK Hynix 000660.KS gained 0.95%.
** Among other index heavyweights, battery makers, automakers, and e-commerce firms fell, but biopharmaceutical manufacturers rose.
** The finance-major Index .KS49 jumped 3.17%, the securities-minor Index .KS53 climbed 1.75%, and the insurance index .KS54 rose 2.38%.
** "Financial stocks rose on the government's tax revision proposal, which includes measures to cut taxes on dividend income," said Seo Sang-young, an analyst at Mirae Asset Securities.
** South Korea on Thursday proposed tax cuts as part of its broader push to boost the domestic stock market. The proposal needs to be passed by the national assembly, which is currently controlled by the opposition.
** Among measures to beef up the "Corporate Value-up Programme" introduced in February, the finance ministry said it would lower inheritance taxes in the first such revision since 2000.
** "We consider the tax reforms, particularly the cut in inheritance tax, to be a significant positive development in lawmakers efforts to reduce the Korea Discount," said Jonathan Pines, head of Asia ex-Japan at Federated Hermes Ltd.
** The cut in inheritance tax would meaningfully reduce the incentive for controlling shareholders to keep stock prices low, Pines said.
** Foreigners were net sellers of shares worth 48.3 billion won ($34.87 million).
** The won was quoted at 1,385.8 per dollar on the onshore settlement platform KRW=KFTC, 0.20% lower than its previous close at 1,383.0.
** The most liquid three-year Korean treasury bond yield was flat at 3.024%, while the benchmark 10-year yield fell by 3.9 basis points to 3.108%.
($1 = 1,385.2800 won)
Reporting by Jihoon Lee, Additional Reporting by Ankur Banerjee in Singapore; Editing by Subhranshu Sahu
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