SEOUL: Round-up of South Korean financial markets:
South Korea stocks edge higher as chip makers gain after Nvidia earnings
South Korean shares fell on Tuesday as auto and battery makers dropped amid US tariff worries. The won weakened, while the benchmark bond yield fell.
The benchmark KOSPI was down 15.32 points, or 0.60%, at 2,519.02 as of 0252 GMT.
US President-elect Donald Trump on Monday pledged big tariffs on the United States’ three largest trading partners – Canada, Mexico and China – detailing how he will implement campaign promises that could trigger trade wars.
The Transport Equipment Index dropped 1.7%, with Kia, which runs a factory in Mexico, shedding 0.7%.
Battery maker LG Energy Solution slid 2.4%, tracking its US customer Tesla’s overnight loss of 4% on uncertainty over electric vehicle (EV) subsidies. Peer Samsung SDI lost 0.5%.
Meanwhile, the Bank of Korea on Thursday is expected to keep key policy rate at 3.25% to support the won, according to a Reuters poll, with a majority of economists forecasting at least three rate cuts next year.
Among other index heavyweights, e-commerce firms gained, biopharmaceutical manufacturers slipped, while chipmakers were little changed.
Of the total 938 traded issues, 461 advanced and 417 declined.
Foreigners net sold shares worth 63.9 billion won ($45.65 million).
The won was quoted at 1,402.7 per US dollar on the onshore settlement platform, 0.26% lower than its previous close at 1,399.0.
In the money and debt markets, December futures on three-year treasury bonds rose 0.07 point to 106.39.
The most liquid three-year Korean treasury bond yield fell 3.2 basis points to 2.747%, while the benchmark 10-year yield shed 5.7 basis points to 2.882%.
Source: Brecorder
