South Korean shares set to end 2024 with losses of nearly 9%

SEOUL: Round-up of South Korean financial markets:

South Korean won drops to lowest level since March 2009; stocks ease

• South Korean shares rose on Monday, after a dip in the previous session which was the ex-dividend date for the year, but were set to end the year nearly 9% lower.

• The benchmark KOSPI was up 22.83 points, or 0.95%, at 2,427.60 as of 0147 GMT, after falling 1% on Friday.

• The KOSPI has declined 8.6% so far this year, after a rise of 18.7% in 2023.

• South Korea’s financial markets will be closed on Tuesday and Wednesday.

• Among index heavyweights, chipmaker Samsung Electronics rose 0.19% and peer SK Hynix gained 0.63%, while battery maker LG Energy Solution climbed 1.72%.

• Budget carrier Jeju Air hit its lowest on record after the country’s deadliest air crash killed 179 people.

• South Korea’s finance ministry said authorities would deploy more stabilisation measures if excessive herd-like behaviour was seen in financial markets.

• Of the total 941 traded issues, 536 shares advanced, while 345 declined.

• Foreigners were net buyers of shares worth 21.8 billion won ($14.86 million).

• The won was quoted at 1,467.6 per US dollar on the onshore settlement platform, 0.20% higher than its previous close of 1,470.5.

• In money and debt markets, March futures on three-year treasury bonds fell 0.03 points to 106.60.

• The most liquid three-year Korean treasury bond yield fell by 2.1 basis points to 2.620%, while the benchmark 10-year yield rose by 2 basis points to 2.931%.