KOSPI falls, foreigners net sellers
Korean won strengthens against dollar
South Korea benchmark bond yield falls
SEOUL, – Round-up of South Korean financial markets:
** South Korean shares dropped on Friday, weighed down by dour performances among financials, as investors remained on the sidelines ahead of fresh signals on U.S. trade discussions.
** The benchmark KOSPI was down 17.96 points, or 0.56%, at 3,174.33, as of 0211 GMT.
** The KOSPI is poised to end the week largely flat, if the current momentum holds.
** “There is resistance around the 3,200 level of the previous high,” Kiwoom Securities analysts said in a note.
** U.S. President Donald Trump’s latest U.S. tariff threats kept investors on edge, with South Korea facing 25% duties if no deal is reached by August 1.
** Securities firms dropped 3.19% and the financials’ sub-index lost 1.76%, retreating after recent gains on optimism over President Lee Jae Myung’s market reform agenda.
** Earlier this week, South Korea adopted a revision to its Commercial Act and launched a task force aimed at securing developed market status from a global index provider, in a bid to tackle the undervaluation of local stocks versus global peers.
** Shares of KB Financial Group, Shinhan Financial Group and Woori Financial Group < 316140.KS> dropped more than 1% each.
** Among other index heavyweights, chipmaker Samsung Electronics was trading flat, while peer SK Hynix edged 0.19% higher. Shares of battery maker LG Energy Solution climbed 1.26%.
** Hyundai Motor and sister automaker Kia Corp were down 0.71% and 0.3%, respectively. Steelmaker POSCO Holdings added 1.63%, while drugmaker Samsung BioLogics lost 1.68%.
** Of the total 933 traded issues, 202 shares advanced, while 689 declined.
** Foreigners were net sellers of shares worth 41.6 billion won .
** The won was quoted at 1,391.1 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,392.2.
** In money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.14.
** The most liquid three-year Korean treasury bond yield fell by 0.3 basis point to 2.477%, while the benchmark 10-year yield fell 2.3 basis points to 2.881%.
This article was generated from an automated news agency feed without modifications to text.
