South Korean shares track regional losses after Warsh's hawkish remarks
SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Monday in line with regional markets after US Federal Reserve Chair Kevin Warsh made hawkish comments that reinforced expectations the central bank could hike interest rates next month. The won strengthened, while the benchmark bond yield rose. The benchmark KOSPI was down 167.29 points, or 2.46%, at 6,621.59 as of…
South Korean stocks tracked regional declines on Monday following hawkish remarks by US Federal Reserve Chair Kevin Warsh. The benchmark KOSPI index fell 2.46%, ending at 6,621.59 points. Notable declines were seen in chipmaker Samsung Electronics, down 2.72%, and SK Hynix, down 3.27%. Battery maker LG Energy Solution dropped 0.54%.
Hyundai Motor and Kia Corp saw modest gains. POSCO Holdings and Samsung BioLogics also experienced declines. Of the 908 traded issues, 133 rose while 746 declined. Foreign investors were net sellers of shares worth 347.2 billion won. The South Korean won strengthened to 1,377.3 per dollar in onshore trading, a 0.16% increase from the previous close.
In offshore markets, the won was quoted at 1,376.6 per dollar, unchanged for the day. The KOSPI has risen 57.13% year-to-date, while the won has strengthened 4.5% against the dollar. September futures on three-year Korean treasury bonds fell 0.09 point to 103.25. Treasury bond yields rose, with the 10-year yield increasing 2.0 basis points to 4.294%.
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