SEOUL The South Korean won rose against the dollar on Monday, after positive comments by Federal Reserve chair Jerome Powell firmed expectations of the US central bank starting interest rates cut from next month. Shares were flat, while the benchmark bond yield fell.

The won traded 0.57% higher at 1,320.5 per dollar on the onshore settlement platform.

The benchmark KOSPI stock index fell 0.70 points, or 0.03%, to 2,700.99 by 01:51 GMT.

Among index heavyweights, chipmaker Samsung Electronics fell 1.54% and peer SK Hynix lost 1.94%, while battery maker LG Energy Solution climbed 4.18%.

Hyundai Motor shed 1.39% and sister automaker Kia Corp lost 0.96%, while search engine Naver and instant messenger Kakao were up 3.58% and up 3.07%, respectively.

North Korean leader Kim Jong Un oversaw a performance test of drones developed in the country, state media KCNA said on Monday.

Of the total 932 traded issues, 377 shares advanced, while 487 declined.

Foreigners were net sellers of shares worth 179.6 billion won (US$136.02 million, or RM591.28 million) on the main board.

In offshore trading, the won was quoted at 1,320.7 per dollar, up 0.2% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,317.6.

The KOSPI has risen 1.72% so far this year, and lost 6.6% in the previous 30 trading sessions.

The won has lost 2.5% against the dollar so far this year.

In money and debt markets, September futures on three-year treasury bonds rose 0.12 point to 106.03.

The most liquid three-year Korean treasury bond yield fell by 35.5 basis points (bps) to 2.884%, while the benchmark 10-year yield fell by 3.6 bps to 2.974%.

  - Reuters