SEOUL: Round-up of South Korean financial markets:
Chipmakers drag South Korean shares lower; Samsung at more than 2-year low
South Korean shares fell on Tuesday for a third straight session, as chipmakers extended losses on fears of an escalation in Sino-US trade tensions. The won was steady, while the benchmark bond yield fell.
The benchmark KOSPI was down 18.29 points, or 0.72%, at 2,513.37, as of 0111 GMT. It hit its lowest level in two months.
Chipmaker Samsung Electronics fell 1.64% to its lowest in more than two years, while peer SK Hynix lost 2.70%.
South Korea’s ruling party proposed a special chips act on Monday to give chipmakers subsidies and an exemption from a national cap on working hours, to tackle potential risks from measures threatened by incoming US President Donald Trump.
China’s semiconductor index leapt close to a three-year high on Monday on bets a US order halting Taiwan Semiconductor Manufacturing Co’s shipments of advanced chips to Chinese customers could accelerate Beijing’s self-reliance efforts.
On Wall Street, the Philadelphia Semiconductor Index dropped 2.5% on Monday, while US electric-vehicle maker Tesla rose 9%.
Battery maker LG Energy Solution climbed 3.25% and e-commerce firms gained, while biopharmaceutical manufacturers fell, among major heavyweights.
Of the total 936 traded issues, 151 shares advanced, while 753 declined.
Foreigners were net sellers of shares worth 55.4 billion won ($39.55 million).
The won was quoted at 1,401.1 per dollar on the onshore settlement platform, 0.01% lower than its previous close at 1,401.0.
In money and debt markets, December futures on three-year treasury bonds rose 0.06 point to 106.00.
The most liquid three-year Korean treasury bond yield fell by 1.9 basis points to 2.881%, while the benchmark 10-year yield fell by 3.6 basis points to 3.009%.
Source: Brecorder
