Markets

South Korea stocks post biggest drop in five weeks

SEOUL: Round-up of South Korean financial markets: South Korean shares posted their biggest drop in five weeks on...
Published January 24, 2022

SEOUL: Round-up of South Korean financial markets:

South Korean shares posted their biggest drop in five weeks on Monday, as investors weighed concerns about US Federal Reserve tightening monetary policy and a possible Russian attack on Ukraine. The Korean won weakened, while the benchmark bond yield fell.

The benchmark KOSPI fell 42.29 points, or 1.49%, to close at 2,792.00.

Among the heavyweights, technology giant Samsung Electronics fell 0.66% and peer SK Hynix was flat, while LG Chem fell 3.31% and Naver fell 1.35%.

Uncertainty over the pace of US monetary policy tightening and a sharp decline in Wall Street shares on Friday hit Korean stocks, while geopolitical tensions in Eastern Europe also added to worries, said Lee Kyoung-min, analyst at Daishin Securities.

Foreigners were net sellers of 435.6 billion won ($364.32 million) worth of shares on the main board.

The won was quoted at 1,196.1 per dollar on the onshore settlement platform, 0.18% lower than its previous close at 1,194.0.

In offshore trading, the won was quoted at 1,195.6 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,196.1.

The KOSPI has fallen 6.23% so far this year, but lost 6.4% in the previous 30 sessions.

The trading volume during the session in the KOSPI index was 468.25 million shares. Of the total traded issues of 930, the number of advancing shares was 85.

The won has lost 0.6% against the dollar so far this year.

In money and debt markets, March futures on three-year treasury bonds rose 0.10 points to 108.20.

The most liquid 3-year Korean treasury bond yield fell by 1.8 basis points to 2.114%, while the benchmark 10-year yield fell by 0.1 basis points to 2.539%.

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