South Korean shares flat as gains in battery makers counter chip losses

SEOUL: Round-up of South Korean financial markets:

South Korean shares pare early losses as Samsung Electronics rebounds

• South Korean shares were little changed on Friday, despite weak data, as gains in battery makers countered losses in chip heavyweights. The won weakened, while the benchmark bond yield fell.

• The benchmark KOSPI was up 2.64 points, or 0.10%, at 2,558.79 as of 0316 GMT.

• South Korea’s export growth slowed to a seven-month low in October, missing market expectations, in a sign that cooling global demand and US election uncertainty are undermining an already shaky economic recovery.

• South Korea’s factory activity shrank for a second straight month in October, with output falling by the most in 16 months, a survey showed, adding to recent signs of a slowdown in global demand.

• Battery maker LG Energy Solution climbed 1.84%, while peers Samsung SDI and SK Innovation rose 1.38% and 5.45%, respectively.

• Chipmaker Samsung Electronics fell 0.34%, while peer SK Hynix lost 1.18%.

• Among other index heavyweights, automakers and biopharmaceutical manufacturers rose, while e-commerce firms were mixed.

• Of the total 938 traded issues, 300 shares advanced, while 584 declined.

• Foreigners were net buyers of shares worth 11.1 billion won ($8.05 million).

• The won was quoted at 1,379.5 per dollar on the onshore settlement platform, 0.18% lower than its previous close at 1,377.0.

• In money and debt markets, December futures on three-year treasury bonds rose 0.02 points to 105.87.

• The most liquid three-year Korean treasury bond yield fell by 0.4 basis points to 2.930%, while the benchmark 10-year yield fell by 4.9 basis points to 3.090%.