Finance

Brokerage bonds draw strong demand, topping 4 trillion won on results improvement and rate appeal

Institutional money is flowing into South Korean securities firms’ corporate bonds despite rising market rates, supported by improved earnings and the appeal of higher interest income. Daishin Securities, Hana Securities and DB Financial Investment drew 4.265 trillion won of orders for 600 billion won of issuance, about 7.1 times. Pricing came in below bond valuation benchmarks. Analysts cite better brokerage results, reduced non-financial corporate bond supply and demand buildup.

Finance

KOSPI gives up 7,000 level, Kosdaq also falls

South Korea’s KOSPI rose above the 7,100 level on Sept. 8 and climbed as high as 7,171.52, but surrendered the 7,000 mark late in the session amid profit-taking pressure after the previous day’s surge. The index ended down 40.87 points, or 0.58 percent, at 6,954.52. The Kosdaq also fell 1.25 percent to 811.88. The won strengthened to 1,344.50 per dollar.