South Korea shares to log second weekly decline
SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Friday and were set to log a second weekly decline as the hype about the artificial intelligence trade following Nvidia Corp.‘s outlook waned while investors stayed cautious ahead of the Federal Reserve’s Jackson Hole event. The won strengthened, while the benchmark bond yield rose. The benchmark KOSPI was down 74.15…
South Korean stocks slumped on Friday, on track to record a second consecutive weekly decline. The buzz surrounding potential gains from the artificial intelligence sector, driven by Nvidia Corp.'s earnings guidance, had faded, while investors remained cautious as the Federal Reserve prepared for its Jackson Hole event. The Korean won strengthened and the benchmark bond yield climbed.
The KOSPI index, which fell 74.15 points, or 1.07%, to 6,838.22 as of 02:09 GMT, slipped 1% for the week. Nvidia's second-quarter revenue surged more than double, reaching $96.22 billion, surpassing analysts' expectations of $92.17 billion. Concerns over the US inflation situation were echoed by Federal Reserve officials during their meeting in Jackson Hole, Wyoming.
Notable index components included a 2.26% drop in Samsung Electronics and a 1.45% slide in SK Hynix. Battery manufacturer LG Energy Solution plummeted 0.81%, while Hyundai Motor and Kia Corp gained 0.25% and 0.63%, respectively. POSCO Holdings experienced a 1.62% decline, while Samsung BioLogics fell 4.74%. Out of the 909 traded securities, 382 rose while 479 declined.
Foreign investors sold shares worth 519.9 billion won ($377.22 million). The won closed at 1,377.4 per dollar onshore, up 0.30% from the previous close of 1,381.5. The KOSPI has climbed 62.27% this year, while the won has appreciated 4.5% against the dollar. In the money and debt markets, September futures on three-year treasury bonds fell 0.13 point to 103.38.
The three-year bond yield surged 3.3 basis points to 3.787%, and the benchmark 10-year yield rose 4.6 basis points to 4.298%.
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