South Korea shares on track for second weekly decline as chipmakers drag
SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Thursday and were headed for a second weekly loss in a holiday-shortened week, hurt by weakness in chipmakers and inflation concerns fuelled by higher oil prices. The won firmed, while the benchmark bond yield fell. The benchmark KOSPI was down 59.48 points, or 0.87%, at 6,744.42 as of 0058 GMT. For the week, the index…
South Korean stocks closed lower on Thursday, on track for a second weekly decline, as chipmakers weighed on the market amid inflation concerns linked to rising oil prices. The Korea Exchange's KOSPI index fell 59.48 points, or 0.87%, to 6,744.42. For the week, the index has slipped 3.71%.
Samsung Electronics, a major chipmaker, saw its shares dip 0.74%, while SK Hynix rose 0.29%. The South Korean tech giant forecasted its quarterly profit would exceed 100 trillion won, or $74.75 billion, representing a nine-fold increase in third-quarter earnings driven by robust demand for AI chips.
Other market movers included LG Energy Solution, which jumped 6.01%, and Hyundai Motor and Kia Corp, both down by 3.13% and 2.46%, respectively. POSCO Holdings saw a 1.79% surge, while Samsung BioLogics fell by 3.45%. Of the 910 traded stocks, 296 advanced while 548 declined, with foreigners selling shares worth 526.7 billion won.
Foreign exchange markets saw the South Korean won strengthen by 7.5% against the US dollar over the year. On the bond market, futures on three-year treasury bonds rose 0.07 point to 102.64. The yield on the three-year bond climbed to 3.954%, while the 10-year yield fell to 4.359%.
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