South Korean shares fall for second day on profit-taking
- The benchmark KOSPI was down 144.22 points, or 1.98%, at 7,127.44
SEOUL: Round-up of South Korean financial markets:
South Korean shares fell for a second straight session on Wednesday, as foreign investors chose to book profits and after Wall Street closed lower overnight.
The benchmark KOSPI was down 144.22 points, or 1.98%, at 7,127.44, as of 0137 GMT, after falling 3.25% on Tuesday.
The KOSPI has risen 69% so far this year, after a 76% surge last year.
“Anxiety is being sparked by the fact that the ongoing short-term correction is being led by foreign investors,” said Han Ji-young, an analyst at Kiwoom Securities.
Wall Street’s main indexes closed lower on Tuesday, after the benchmark 10-year Treasury yield climbed to its highest level in more than a year on mounting inflation concerns.
South Korea’s finance minister and central bank governor agreed to cooperate to stabilise financial markets, the finance ministry said.
Chipmaker Samsung Electronics fell 0.54% as the company and its labour union resumed talks with only one day to go before a threatened major strike.
Peer SK Hynix lost 1.20%.
Battery maker LG Energy Solution slid 3.81%, while Hyundai Motor and sister automaker Kia Corp were down 2.98% and 4.26%, respectively.
Steelmaker POSCO Holdings shed 5.90%, while drugmaker Samsung BioLogics fell 3.05%.
Of the total 913 traded issues, only 56 shares advanced, while 845 declined. Foreigners were net sellers of shares worth 1.6 trillion won ($1.06 billion), extending their selling streak to a 10th straight session.
The won was quoted at 1,511.3 per dollar on the onshore settlement platform, 0.17% lower than its previous close at 1,508.7.
The most liquid three-year Korean treasury bond yield rose by 4.0 basis points to 3.792%, while the benchmark 10-year yield rose by 5.6 basis points to 4.271%.‑Reuters
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