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Markets

South Korean stocks slip as US jobs data curbs rate-cut bets

  • The benchmark KOSPI was down 25.37 points, or 1.01%, at 2,490.44
Published January 13, 2025

SEOUL: Round-up of South Korean financial markets:

  • South Korean shares fell on Monday after better-than-expected US payroll data reinforced bets that the Federal Reserve will be cautious in trimming interest rates this year. The won weakened, while the benchmark bond yield rose.

  • The benchmark KOSPI was down 25.37 points, or 1.01%, at 2,490.44, as of 0218 GMT.

  • Among index heavyweights, chipmaker Samsung Electronics fell 1.63% and peer SK Hynix lost 3.19%, while battery maker LG Energy Solution was flat.

  • Hyundai Motor shed 2.88% and sister automaker Kia Corp lost 1.70%, while search engine Naver and instant messenger Kakao were down 0.25% and down 0.27%, respectively.

  • US job growth unexpectedly accelerated in December, while the unemployment rate fell to 4.1%, as the labor market ended the year on a solid footing, reinforcing views that the Federal Reserve would keep interest rates unchanged this month.

  • Of the total 943 traded issues, 202 shares advanced, while 694 declined.

  • Foreigners were net sellers of shares worth 365.1 billion won on the main board on Monday.

  • The won was quoted at 1,472.4 per dollar on the onshore settlement platform, 0.03% lower than its previous close at 1,472.0.

  • In offshore trading, the won was quoted at 1,471.6 per dollar, up 0.1% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,469.6.

  • The KOSPI has risen 3.79% so far this year, but lost 0.2% in the previous 30 trading sessions.

  • In money and debt markets, March futures on three-year treasury bonds fell 0.21 point to 106.61.

  • The most liquid three-year Korean treasury bond yield rose 9.5 basis points to 2.656%, while the benchmark 10-year yield rose by 19.8 basis points to 2.880%.

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