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S.Korean shares rise on gains in battery makers, strong U.S. recovery hopes

South Korean shares rose on Monday, led by battery makers and on prospects of stronger U.S. growth, but gains were capped on caution over upcoming U.S. earnings and inflation data. Both the won and the benchmark bond yield fell.

The benchmark KOSPI closed up 3.71 points, or 0.12%, at 3,135.59.

Among heavyweights, chip giants Samsung Electronics and SK Hynix fell 0.48% and 1.79%, respectively, while battery maker LG Chem added 0.62%.

Auto battery maker SK Innovation soared 11.97% after it buried the hatchet with LG Energy Solution, freeing up both firms to expand in the United States, where electric cars have become a Biden administration priority.

The U.S. economy is at an “inflection point” with expectations that growth and hiring will pick up speed in the months ahead, Federal Reserve Chair Jerome Powell said.

Back home, exports during April 1-10 period jumped 24.8% from a year earlier, customs agency data showed.

Investors are eyeing on U.S. earnings and inflation data this week, said DS Investment & Securities’ analyst Na Jeong-hwan.

Foreigners were net sellers of 324.5 billion won ($288.47 million) worth of shares on the main board.

The won ended at 1,124.9 per dollar on the onshore settlement platform, 0.33% lower than its previous close at 1,121.2.

In offshore trading, the won was quoted at 1,125.1 per dollar, down 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,125.0. Read More

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