AVN 65.20 Increased By ▲ 0.25 (0.38%)
BAFL 30.74 Decreased By ▼ -0.77 (-2.44%)
BOP 4.80 Increased By ▲ 0.01 (0.21%)
CNERGY 3.71 Decreased By ▼ -0.13 (-3.39%)
DFML 14.21 Decreased By ▼ -0.20 (-1.39%)
DGKC 41.05 Decreased By ▼ -0.55 (-1.32%)
EPCL 46.45 Decreased By ▼ -0.25 (-0.54%)
FCCL 11.40 Increased By ▲ 0.11 (0.97%)
FFL 5.05 No Change ▼ 0.00 (0%)
FLYNG 5.80 Decreased By ▼ -0.02 (-0.34%)
GGL 10.33 Decreased By ▼ -0.12 (-1.15%)
HUBC 66.87 Increased By ▲ 1.23 (1.87%)
HUMNL 5.71 Increased By ▲ 0.05 (0.88%)
KAPCO 27.76 Increased By ▲ 0.01 (0.04%)
KEL 2.20 Increased By ▲ 0.05 (2.33%)
LOTCHEM 24.90 Increased By ▲ 0.55 (2.26%)
MLCF 21.44 Decreased By ▼ -0.04 (-0.19%)
NETSOL 83.60 Decreased By ▼ -1.19 (-1.4%)
OGDC 85.90 Decreased By ▼ -1.35 (-1.55%)
PAEL 11.01 Increased By ▲ 0.03 (0.27%)
PIBTL 4.22 No Change ▼ 0.00 (0%)
PPL 74.48 Decreased By ▼ -1.22 (-1.61%)
PRL 13.43 Decreased By ▼ -0.22 (-1.61%)
SILK 0.92 Increased By ▲ 0.03 (3.37%)
SNGP 40.40 Decreased By ▼ -0.93 (-2.25%)
TELE 5.86 Increased By ▲ 0.01 (0.17%)
TPLP 15.40 Decreased By ▼ -0.24 (-1.53%)
TRG 111.41 Decreased By ▼ -0.29 (-0.26%)
UNITY 13.75 Decreased By ▼ -0.23 (-1.65%)
WTL 1.14 Decreased By ▼ -0.02 (-1.72%)
BR100 4,037 Decreased By -26.9 (-0.66%)
BR30 14,412 Decreased By -56.6 (-0.39%)
KSE100 40,471 Decreased By -262.4 (-0.64%)
KSE30 15,163 Decreased By -67.2 (-0.44%)
Markets

South Korean shares fall over 1% after Fed chief’s comment; won hits 13-year low

SEOUL: Round-up of South Korean financial markets: South Korean shares closed more than 1% lower after a volatile...
Published June 23, 2022
Follow us

SEOUL: Round-up of South Korean financial markets:

South Korean shares closed more than 1% lower after a volatile session on Thursday, as the U.S. central bank chief acknowledged the possibility of a recession. The Korean won weakened below 1,300 per dollar for the first time since July 2009, while the benchmark bond yield fell.

The benchmark KOSPI ended down 28.49 points, or 1.22%, at 2,314.32 - the lowest close since Nov. 2, 2020. It rose 0.79% before reversing course to fall as much as 1.55%.

U.S. Federal Reserve Chair Jerome Powell said on Wednesday the central bank is not trying to engineer a recession to stop inflation, but acknowledged that it is “certainly a possibility.”

Risks of Fed rate hikes leading to weaker demand for durable goods will be critical to manufacturing exporters like South Korea, said Cape Investment and Securities’ analyst Na Jeong-hwan.

South Korea’s finance minister said authorities would work to minimise any adverse impact from a weakening won and take steps to stabilise the foreign exchange market if necessary.

Among heavyweights, technology giant Samsung Electronics lost 0.35% and peer SK Hynix dropped 2.17%, while battery maker LG Energy Solution inched down 0.25%.

Foreigners were net sellers of 296.3 billion won ($227.50 million) worth of shares on the main board, extending their selling streak to a fifth session.

Of the total traded issues of 930 on the benchmark KOSPI, only 77 shares advanced.

The won was last quoted 0.35% lower at 1,301.8 per dollar on the onshore settlement platform, after hitting the lowest since July 14, 2009, at 1302.8.

In offshore trading, the won was quoted down 0.3% at 1,301.4 per dollar, while in non-deliverable forward trading its one-month contract was quoted at 1,300.2.

In money and debt markets, September futures on three-year treasury bonds fell 0.07 point to 103.36 in late afternoon trade.

The most liquid 3-year Korean treasury bond yield rose by 1.1 basis points to 3.569%, while the benchmark 10-year yield fell by 3.2 basis points to 3.671%.

Comments

Comments are closed.

South Korean shares fall over 1% after Fed chief’s comment; won hits 13-year low

Govt says ‘will have to’ agree to IMF conditions

Imran steps up criticism of PDM govt

COAS vows to root out menace of terrorism

PTI chief won’t attend APC: Umar

Industry yet to export any amount of sugar

Russian oil supply likely by April

‘IMF is giving Pakistan tough time’

31 NA seats: ECP announces schedule for by-polls on March 19

RDA: pace of growth slightly lower

‘Rules’ allow banks to seek asset details of civil servants