South Korean shares fall sharply, head for 6th weekly drop

SEOUL: Round-up of South Korean financial markets:

South Korean shares fell sharply by midday on Friday following a global equity selloff, with the benchmark index shedding more than the prior session’s gains and eyeing a sixth consecutive weekly loss.

The Korean won also weakened while the bond yields rose modestly.

The benchmark KOSPI fell 36.95 points, or 1.57%, to 2,319.78 as of 0154 GMT. The index gained around 28 points on Thursday. For the week so far, KOSPI is down 1.7%.

Technology giant Samsung Electronics fell 2.03%, peer SK Hynix lost 1.64%, and battery maker LG Energy Solution declined 1.80%.

Of the total 932 issues traded, just 94 shares gained.

Foreigners were net sellers of shares worth 75.8 billion won ($59.13 million).

The won was quoted at 1,283.0 per dollar on the onshore settlement platform, 0.53% lower than its previous close at 1,276.2.

In offshore trading, the won was quoted at 1,282.0 per dollar, up 0.8%, while in non-deliverable forward trading its one-month contract was quoted at 1,280.4.

The KOSPI has fallen 22.09% so far this year, and lost 1.9% in the previous 30 trading sessions.

The won has lost 7.3% against the dollar so far this year.

In money and debt markets, March futures on three-year treasury bonds fell 0.14 point to 103.95.

The most liquid three-year Korean treasury bond yield rose by 3.6 basis points to 3.602%, while the benchmark 10-year yield rose by 2.6 basis points to 3.525%.