South Korean shares slip after Nvidia curbs

SEOUL: Round-up of South Korean financial markets:

South Korean shares ended lower on Wednesday after Nvidia said the U.S. put new curbs on some chip exports to China, while the trade conflict between the world’s two biggest economies showed no signs of abating. The won strengthened, while the benchmark bond yield fell.

The benchmark KOSPI closed down 29.98 points, or 1.21%, at 2,447.43.

Among index heavyweights, chipmaker Samsung Electronics fell 3.36% and peer SK Hynix lost 3.65%, while battery maker LG Energy Solution slid 0.58%.

Nvidia said on Tuesday it would take $5.5 billion in charges after the U.S. government limited exports of its H20 artificial intelligence chip to China, a key market for one of its most popular chips.

President Donald Trump’s new tariffs could cost U.S. semiconductor equipment makers more than $1 billion a year, according to industry calculations discussed with officials and lawmakers in Washington last week, two sources familiar with the matter said.

Hyundai Motor shed 2.83% and sister automaker Kia Corp lost 1.28%, while search engine Naver and instant messenger Kakao were up 0.27% and down 2.83%, respectively.

Of the total 935 traded issues, 302 shares advanced, while 577 declined.

South Korean shares rise on easing tariff woes; won hits 4-month high

Foreigners were net sellers of shares worth 457.9 billion won on the main board on Wednesday.

The won was quoted at 1,426.7 per dollar on the onshore settlement platform, 0.04% higher than its previous close at 1,427.2.

The won has gained 3.2% against the dollar so far this year.

In money and debt markets, June futures on three-year treasury bonds rose 0.15 point to 107.60.

The most liquid three-year Korean treasury bond yield fell by 5.3 basis points to 2.355%, while the benchmark 10-year yield fell by 3.2 basis points to 2.630%.