South Korean shares turn lower as Mideast tensions overshadow tech rally

SEOUL: Round-up of South Korean financial markets:

• South Korean shares fell on Thursday, weighed by heightening geopolitical tensions in the Middle East, even as tech stocks continued to rally. The won weakened, while the benchmark bond yield was steady.

• The benchmark KOSPI was down 11.85 points, or 0.40%, at 2,960.34 as of 0142 GMT, after starting the session higher.

• US President Donald Trump kept the world guessing about whether the United States will join Israel’s bombardment of Iranian nuclear sites as the Israel-Iran conflict entered its seventh day on Thursday.

• South Korea’s acting finance minister said authorities would closely monitor financial markets and respond in a timely manner if necessary.

• Among index heavyweights, chipmaker Samsung Electronics fell 0.67%, while peer SK Hynix was flat. Battery maker LG Energy Solution slid 0.86%.

• Hyundai Motor and sister automaker Kia Corp were up 0.49% and down 0.71%, respectively. Steelmaker POSCO Holdings was flat, while drugmaker Samsung BioLogics fell 0.60%.

• Tech stocks extended a rally on policy optimism, with search engine Naver rising 4.11% and instant messenger Kakao climbing 10.14%.

• Of the total 934 traded issues, 302 shares advanced, while 592 declined.

• Foreigners were net sellers of shares worth 213.9 billion won ($154.8 million).

• The won was quoted at 1,381.9 per dollar on the onshore settlement platform, 0.69% lower than its previous close at 1,372.3.

• In money and debt markets, September futures on three-year treasury bonds were unchanged at 107.11.

• The most liquid three-year Korean treasury bond yield rose by 0.4 basis point to 2.473%, while the benchmark 10-year yield fell by 0.1 basis point to 2.875%.