South Korea stocks slide on profit-taking, grim jobless data

SEOUL: Round-up of South Korean financial markets:

South Korean shares slid on Wednesday on profit-taking in major heavyweights and as the nation's grim jobless data dented investor sentiment. The won strengthened, while the benchmark bond yield fell.

The benchmark KOSPI fell 5.84 points, or 0.19%, to 3,120.11 by 0200 GMT, set for third straight day of losses.

Major heavyweights slid, with Samsung Electronics and Hyundai Motor falling 1.1% and 3.8%, respectively.

Shares of Samsung Electro-Mechanics Co Ltd, however, surged as much as 11.7% to a record high on hopes of increasing demand for the firm's components in electric cars and other devices.

"The market's focus for this week are hopes for more stimulus under the incoming Biden administration and US Federal Reserve Chair Jerome Powell's speech (on Thursday)," said Shinhan Investment Corp analyst Choi Yoo-june.

Meanwhile, South Korea's unemployment rate surged to an 11-year high in December, while the number of employed plunged at the fastest rate in over two decades, as stringent COVID-19 curbs at home intensified pressure on businesses.

The trading volume during the session in the KOSPI index was 720.86 million shares. Of the total traded issues of 905, the number of advancing shares was 491.

Foreigners were net sellers of 108.8 billion won ($99.34 million) worth of shares on the mainReuters

The won was quoted at 1,095.0 per dollar on the onshore settlement platform , 0.45% higher than its previous close.

In offshore trading, the won was quoted at 1,094.9, while in non-deliverable forward trading its one-month contractwas quoted at 1,094.4.

In money and debt markets, March futures on three-year treasury bonds was unchanged at 111.57.

The most liquid 3-year Korean treasury bond yield rose by 0.1 basis points to 0.977%.