South Korean shares hit record high as tax hike plan scrapped – News Air Insight

South Korean shares rose on Monday to a record high, as the government scrapped a plan to raise taxes on stock investment.

** The benchmark KOSPI was up 13.17 points, or 0.39%, at 3,408.71 as of 0116 GMT, extending gains for a 10th straight session.

** The finance ministry decided not to change a capital gains tax rule on stock investments, after President Lee Jae Myung said last week his administration would not pursue an earlier plan to revise it, conceding that the move risked undermining the market and reaffirming a promise of reform to revitalise it.

** Among index heavyweights, chipmaker Samsung Electronics rose 1.72%, while peer SK Hynix was flat. Battery maker LG Energy Solution slid 0.14%.

** Hyundai Motor and sister automaker Kia Corp were down 3.13% and down 3.40%, respectively. Steelmaker POSCO Holdings added 0.35%, while drugmaker Samsung BioLogics fell 0.87%.

** Of the total 928 traded issues, 429 shares advanced, while 445 declined. ** Foreigners were net buyers of shares worth 258.1 billion won ($185.62 million). ** The won was quoted at 1,390.8 per dollar on the onshore settlement platform, 0.33% higher than its previous close at 1,395.4.

** In money and debt markets, September futures on three-year treasury bonds lost 0.07 point to 107.21.

** The most liquid three-year Korean treasury bond yield rose by 3.0 basis points to 2.457%, while the benchmark 10-year yield rose by 2.0 basis points to 2.832%. ($1 = 1,390.5000 won).