South Korean shares fall as chipmakers decline ahead of Samsung Electronics earnings
SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Tuesday as trading resumed after a long holiday weekend, with chipmakers declining ahead of Samsung Electronics’ earnings later this week. The benchmark KOSPI was down 34.41 points, or 0.49%, at 6,969.33, as of 0129 GMT. Local markets were closed on Monday for a public holiday. South Korea’s finance minister said…
SEOUL: South Korean stocks declined on Tuesday as trading restarted following a national holiday, with chip manufacturers suffering prior to Samsung Electronics' earnings announcement later in the week. The KOSPI index slipped 34.41 points, or 0.49%, to 6,969.33. Markets were shuttered on Monday for the public holiday. Finance Minister stated economic growth was forecasted at around 3% for the year as momentum picked up.
Samsung Electronics declined 0.36%, while SK Hynix dropped 2.72%. Analyst Han Ji-young noted that Samsung Electronics' Q3 earnings would be the primary focus, as a positive result could spur upward adjustments in earnings projections for the chip industry and attract foreign investment. Other notable movers included battery producer LG Energy Solution (+1.75%) and automotive giants Hyundai Motor (+1.01%) and Kia Corp (+0.18%).
POSCO Holdings (+0.64%) and Samsung BioLogics (-1.70%) also contributed to the index's performance. Of the 913 listed securities, 411 rose while 448 declined. Foreign investors were net sellers of shares worth $420.15 million. The South Korean won was trading at 1,343.0 per dollar, a 0.04% decrease from the previous close. In money and debt markets, December futures on three-year treasury bonds fell 0.01 point to 102.63.
Three-year bond yields increased by 0.7 basis points to 3.937%, while the 10-year yield decreased by 0.4 basis points to 4.382%.
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