South Korea stocks fall as rally from US-China trade talks loses steam

SEOUL: Round-up of South Korean financial markets:

South Korean shares declined on Thursday, as a tech-led rally triggered by U.S.-China trade talks began to lose steam. The won strengthened, while the benchmark bond yield rose.

The benchmark KOSPI closed down 19.21 points, or 0.73%, at 2,621.36.

Among index heavyweights, chipmaker Samsung Electronics fell 0.17%, while peer SK Hynix lost 2.67%. Battery maker LG Energy Solution slid 2.07%.

Hyundai Motor and sister automaker Kia Corp dropped 2.13% and down 1.30%, respectively.

Steelmaker POSCO Holdings shed 0.79%, while drugmaker Samsung Biologics fell 0.70%.

South Korea’s deputy finance minister Choi Ji-young met with Assistant Secretary for International Finance at the U.S. Treasury, Robert Kaproth, to discuss the dollar/won market on May 5, a South Korean government official said on Wednesday.

South Korean shares rise for third day on chip boost

Of the total 935 traded issues, 298 shares advanced, while 593 declined.

Foreigners were net buyers of shares worth 264.4 billion won ($189.34 million).

The won was quoted at 1,394.5 per dollar on the onshore settlement platform, 0.72% higher than its previous close.

In offshore trading, the won was quoted at 1,390.1 per dollar, up 1.2%, while in non-deliverable forward trading its one-month contract was quoted at 1,386.9.

The KOSPI has risen 9.25% so far this year, while the won has strengthened 5.6% against the dollar in the same period.

In money and debt markets, June futures on three-year treasury bonds lost 0.05 point to 107.50.

The most liquid three-year Korean treasury bond yield was flat at 2.365%, while the benchmark 10-year yield rose 2 basis points to 2.737%.