South Korean shares climb over 2% on AI, tax-cut optimism

*

KOSPI rises, foreigners net buyers

*

Korean won strengthens against dollar

*

South Korea benchmark bond yield falls

SEOUL, - Round-up of South Korean financial markets:

** South Korean shares climbed more than 2% on Monday, underpinned by chipmakers on artificial intelligence-fuelled optimism and financial stocks on expectations of tax cuts.

** The benchmark KOSPI was up 103.07 points, or 2.61%, at 4,056.83, as of 0145 GMT.

** Market optimism over AI was renewed after Nvidia CEO Jensen Huang said on Saturday that the semiconductor giant is experiencing "very strong demand" for its state-of-the-art Blackwell chips.

** "His comments eased investor worries that had been raised around the AI sector recently," said Seo Sang-young, an analyst at Mirae Asset Securities.

** A spokesperson for the ruling Democratic Party said on Sunday there was a need for tax rules on dividend income to be "reasonable" and Presidential Chief of Staff Kang Hoon-sik said it was necessary to respond to various opinions being raised, suggesting a cut in dividend income taxes.

** The government proposed to separately impose taxes on dividend income, at a maximum 35%, in its annual tax code revisions announced in September and sent to parliament for approval.

** Among index heavyweights, chipmaker Samsung Electronics rose 2.15%, while peer SK Hynix gained 4.66%. Battery maker LG Energy Solution slid 0.11%.

** The financial sector jumped 3.94%, while securities firms rallied 4.74%.

** Of the total 926 traded issues, 786 shares advanced, while 120 declined.

** Foreigners were net buyers of shares worth 49.8 billion won .

** The won was quoted at 1,453.8 per dollar on the onshore settlement platform, 0.53% higher than its previous close at 1,461.5.

** In money and debt markets, December futures on three-year treasury bonds gained 0.07 point to 105.95.

** The most liquid three-year Korean treasury bond yield fell 2.1 basis points to 2.873%, while the benchmark 10-year yield fell 1.4 basis points to 3.208%.

This article was generated from an automated news agency feed without modifications to text.