KOSPI falls, foreigners net sellers
Korean won strengthens against dollar
South Korea benchmark bond yield rises
SEOUL, – Round-up of South Korean financial markets:
** South Korean shares fell more than 2% on Friday, as chipmakers tracked a slump in artificial intelligence stocks on Wall Street overnight.
** The won jumped as authorities vowed measures to stabilise the currency market, while the benchmark bond yield rose.
** The benchmark KOSPI was down 97.13 points, or 2.33%, at 4,073.50, as of 0346 GMT.
** Wall Street ended sharply lower on Thursday, with steep losses in Nvidia and other AI heavyweights, as investors scaled back expectations of interest rate cuts due to inflation worries and divisions among central bankers about the U.S. economy’s health.
** The U.S. and South Korea released details of a trade agreement on Friday that includes a $150 billion Korean investment in the American shipbuilding sector and an additional $200 billion earmarked for industrial sectors.
** Among index heavyweights, chipmaker Samsung Electronics fell 3.60%, while peer SK Hynix lost 5.88%. Battery maker LG Energy Solution slid 3.51%.
** Hyundai Motor and sister automaker Kia Corp were down 1.08% and 0.25%, respectively. Steelmaker POSCO Holdings shed 1.40%.
** Of the total 924 traded issues, 273 shares advanced, while 599 declined.
** Foreigners were net sellers of shares worth 1.6 trillion won .
** The won was quoted at 1,457.6 per dollar on the onshore settlement platform, 0.58% higher than its previous close at 1,466.0.
** South Korea’s foreign exchange authorities vowed to take measures to stabilise a wobbly won, including by enlisting the help of the national pension fund, after the currency slumped to seven-month lows.
** In money and debt markets, December futures on three-year treasury bonds lost 0.13 point to 105.62.
** The most liquid three-year Korean treasury bond yield rose 4.0 basis points to 2.968%, while the benchmark 10-year yield rose 5.2 bps to 3.323%.
This article was generated from an automated news agency feed without modifications to text.
