South Korean stocks log second weekly decline as parliament discusses President’s impeachment

SEOUL: Round-up of South Korean financial markets:

South Korea stocks slide as President Yoon’s failed martial law bid stokes turmoil

• South Korean shares fell on Friday and logged a second week of decline as the nation’s parliament discussed the impeachment of President Yoon Suk Yeol for trying to impose martial law. The won weakened, while the benchmark bond yield rose.

• The benchmark KOSPI was down 13.69 points, or 0.56%, at 2,428.16 as of 06:32 GMT. For the week, the index declined 1.13%.

• Among index heavyweights, chipmaker Samsung Electronics rose 0.74% and peer SK Hynix lost 3.41%, while battery maker LG Energy Solution climbed 2.23%.

• South Korea’s ruling party leader said on Friday President Yoon Suk Yeol needs to be removed from authority for trying to impose martial law, but stopped short of urging members to vote for impeachment.

• The country’s special warfare commander said he will refuse to implement any new order for martial law, media reports quoted him as saying.

• South Korea’s foreign exchange authorities are believed to have sold US dollars on the onshore market early on Wednesday to limit a decline in the won, two dealers said.

• Hyundai Motor shed 0.49% and sister automaker Kia Corp gained 0.85%, while search engine Naver and instant messenger Kakao were up 0.25% and 0.91%, respectively.

• Of the total 938 traded issues, 250 shares advanced, while 660 declined.

• Foreigners were net sellers of shares worth 310.0 billion won on the main board on Friday.

• The won was quoted at 1,419.2 per dollar on the onshore settlement platform, 0.13% lower than its previous close at 1,417.3.

• The most liquid three-year Korean treasury bond yield rose by 1.8 basis points to 2.627%, while the benchmark 10-year yield rose by 0.6 basis points to 2.750%.