South Korean shares, currency, bond prices all dive after US data

SEOUL: Round-up of South Korean financial markets:

South Korean shares, currency and bond prices fell sharply on Monday, hit by growing expectations that the U.S. Federal Reserve could keep the interest rates higher for longer.

On the stock market, the benchmark KOSPI ended down 42.21 points, or 1.70%, at 2,438.19 to mark its biggest daily percentage drop since late December 2022.

Technology giant Samsung Electronics fell 3.45% and peer SK Hynix lost 3.36%, while battery maker LG Energy Solution also declined 1.87%.

Of the total 934 issues traded, 419 shares gained.

Foreigners were net sellers of shares worth 311.0 billion won ($248.23 million).

The won ended onshore trade at 1,252.8 per dollar, 1.87% lower than its previous close at 1,229.4. It was the fastest daily loss since early December 2022.

In offshore trading, the won was quoted at 1,252.8 per dollar, down 0.4% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,250.7.

The KOSPI has risen 9.02% so far this year, and gained 6.3% in the previous 30 trading sessions.

The won has gained 0.9% against the dollar so far this year.

In money and debt markets, March futures on three-year treasury bonds fell by a sharp 0.51 points to 104.79.

The most liquid three-year Korean treasury bond yield surged by 17.3 basis points to 3.283%, while the benchmark 10-year yield jumped by 13.3 basis points to 3.281%.