South Korean shares fall more than 2% as chipmakers drop
SEOUL: Round-up of South Korean financial markets: South Korean shares fell more than 2% on Monday as chipmakers dropped amid worries about high bond yields, in catch-up trading following a holiday break. The benchmark KOSPI was down 150.83 points, or 2.13%, at 6,930.09 as of 0122 GMT, after a four-session gaining streak to a two-month high. South Korean financial markets were closed on Thursday…
South Korean stocks tumbled more than 2% on Monday as semiconductor manufacturers suffered amid concerns over rising bond yields, following a brief market rebound post-holiday. The KOSPI index dropped 150.83 points, or 2.13%, to 6,930.09 as of 0122 GMT, after a four-day rally to a two-month high. Markets closed on Thursday and Friday for Chuseok holidays.
Investors now await South Korea's export numbers and Micron Technology's earnings to gauge the potential impact of an AI-driven chip boom. Wall Street rallied on Friday, boosted by Microsoft and other AI tech stocks, while high oil prices and a recent surge in U.S. Treasury yields kept investors cautious. The Bank of Korea pledged to closely monitor financial and foreign exchange markets.
Samsung Electronics and SK Hynix, both chipmakers, declined 3.94% and 4.67%, respectively. Other notable movers included LG Energy Solution (+3.20%), Hyundai Motor (+0.42%), and Kia Corp (+0.78%). POSCO Holdings and Samsung BioLogics rose by 1.28% and 1.39%. Of the 912 traded stocks, 630 rose, while 245 fell. Foreign investors sold shares worth 811.3 billion won ($597.09 million).
The South Korean won remained steady at 1,357.0 per dollar on the offshore market. Treasury bond futures on three-year bonds slipped 0.37 point to 102.05, while the 10-year yield increased by 13 basis points to 4.539%.
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