South Korea shares close down amid Nvidia leadership uncertainty
SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Thursday amid uncertainty surrounding Nvidia’s leadership. The won strengthened, while the benchmark bond yield fell. The benchmark KOSPI closed down 32.63 points, or 0.61%, at 5,342.73. Chipmaker Samsung Electronics rose 0.97%, while peer SK Hynix lost 1.80%. The Nasdaq and S&P 500 ended Wednesday more than 1% higher…
South Korean shares declined on Thursday due to uncertainty about Nvidia's leadership. The Korean won strengthened, while the benchmark bond yield decreased. The KOSPI index fell 32.63 points, or 0.61%, to 5,342.73. Samsung Electronics increased by 0.97%, while SK Hynix fell by 1.80%. The Nasdaq and S&P 500 rose more than 1% on Wednesday.
Tech stocks rebounded after a previous sell-off due to concerns over tighter AI regulation and the sustainability of the sector's rally. Nvidia's board is set to meet on Wednesday to decide whether to remove CEO Jensen Huang, sources say, as the leading AI processor supplier faces reports of two extramarital affairs involving its long-time leader.
Other notable moves include a 1.79% drop in LG Energy Solution and declines of 2.20% and 1.06% for Hyundai Motor and Kia Corp, respectively. POSCO Holdings fell 0.54%, while Samsung BioLogics rose by 1.33%. Out of 911 traded issues, 271 advanced while 595 declined. Foreign investors were net buyers of shares worth 374.6 billion won.
The won was quoted at 1,333.9 per dollar onshore and 1,334.6 offshore, up 0.27% and 0.3% respectively. This year, the KOSPI has gained 26.78%. In money and debt markets, December futures on three-year treasury bonds fell 0.01 point to 103.50, with the three-year yield at 3.733% and the 10-year yield at 3.923% after falling by 2.9 basis points.
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