South Korean shares set to snap three-week rally on US tariffs

SEOUL: und-up of South Korean financial markets:

South Korean shares hit over 1-month high on chip, battery boost

• South Korean shares fell more than 1% on Friday and were set for their first weekly decline in a month as chip and auto makers dropped on US tariff worries.

• The benchmark KOSPI was down 42.77 points, or 1.64%, at 2,564.38 as of 0111 GMT.

• The KOSPI has fallen 2.9% this week after three weeks of gains.

• South Korea’s exports likely rose for a second straight month in March on a growth in chip sales, a Reuters poll found, but economists warned of weakening momentum due to US tariffs.

• The fresh US tariffs on automobiles will kick in next week, while President Donald Trump threatened duties on chip imports and reciprocal tariffs on major trading partners.

• Chipmaker Samsung Electronics fell 1.94% and peer SK Hynix lost 3.72%.

• Hyundai Motor shed 4% and sister automaker Kia slid 2.96%.

• Steel manufacturers, e-commerce firms and biopharmaceutical manufacturers also fell.

• Of the total 936 traded issues, 126 advanced and 773 declined.

• Foreigners net sold South Korean shares worth 293.5 billion won ($200.4 million).

• The won was quoted at 1,465.6 per US dollar on the onshore settlement platform, 0.06% lower than Thursday’s close at 1,464.7.

• In money and debt markets, June futures on three-year treasury bonds fell 0.01 point to 106.74.

• The most liquid three-year Korean treasury bond yield rose by 0.3 basis points to 2.628%, while the benchmark 10-year yield fell by 1.2 basis points to 2.839%.