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South Korean stocks end three-day rally on China GDP, surging oil prices

SEOUL: Round-up of South Korean financial markets: ** South Korean shares closed lower on Monday, ending a ...
Published October 18, 2021
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SEOUL: Round-up of South Korean financial markets:

** South Korean shares closed lower on Monday, ending a three-day rally, as China's economic growth in the third quarter hit a one-year low, while rising oil prices stoked inflation fears. The won weakened, while the benchmark bond yield rose.

** The KOSPI ended 8.38 points, or 0.28%, lower at 3,006.68, logging the first fall in four sessions.

** China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages, supply bottlenecks, sporadic COVID-19 outbreaks and major wobbles in the property sector.

** Meanwhile, oil prices hit their highest in years as demand continues its recovery from the COVID-19 pandemic.

** Chip giant Samsung Electronics and platform company Naver rose 0.14% and 0.76%, respectively, while chipmaker SK Hynix and petrochemical firm LG Chem fell 1.32% and 1.08% each.

** LG Chem's battery subsidiary LG Energy Solution (LGES) entered an agreement with automaker Stellantis NV to form a joint venture to produce battery cells and modules for North America.

** Foreigners were net buyers of 38.2 billion won ($32.17 million) worth of shares on the main board.

** "For the KOSPI to make a meaningful rebound, surging oil and energy prices need to be stabilised," said Huh Jae-hwan, analyst at Eugene Investment & Securities.

** The won ended at 1,187.6 per dollar on the onshore settlement platform, down 0.44%.

** In offshore trading, the won was quoted at 1,187.8 per dollar, down 0.5%, while in non-deliverable forward trading, its one-month contract was quoted at 1,188.2.

** In money and debt markets, December futures on three-year treasury bonds fell 0.30 point to 108.52.

** The benchmark 10-year yield rose by 5.1 basis points to 2.406%.

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