South Korean shares off 3-1/2-year high after US strikes on Iran

SEOUL: Round-up of South Korean financial markets:

• South Korean shares fell on Monday as tensions escalated in the Middle East following the US strikes on Iran.

• The benchmark KOSPI lost 19.10 points, or 0.63%, to 3,002.74 as of 0243 GMT. On Friday, the index climbed above a key milestone of 3,000 points for the first time in 3-1/2 years.

• On Sunday, the world braced for Iran’s response after the US attacked key Iranian nuclear sites, joining Israel in the biggest Western military action against the Islamic Republic since its 1979 revolution.

• South Korea’s acting finance minister said authorities will closely monitor the financial markets and energy supplies and respond if needed.

• The country’s exports for the first 20 days of June jumped 8.3% year-on-year after falling for the first time in four months in May, early data showed.

• South Korea’s top trade negotiator said on Sunday he would raise concerns about potential US curbs on chipmakers in China at the meeting with US officials in Washington this week for the third round of technical discussions in tariff talks.

• Among index heavyweights, chipmaker Samsung Electronics fell 2.61% and peer SK Hynix lost 0.39%. Battery maker LG Energy Solution slid 3.93%.

• Hyundai Motor and sister automaker Kia dropped 4.05% and 3.14%, respectively. Steelmaker POSCO Holdings slid 3.62% and drugmaker Samsung BioLogics fell 2.17%.

• Of the total 936 traded issues, 246 advanced and 664 declined.

• Foreigners were net sellers of shares worth 345.6 billion won ($250.4 million).

• The won was quoted at 1,380.0 per US dollar on the onshore settlement platform, 0.43% lower than Friday’s close of 1,374.0.

• The most liquid three-year Korean treasury bond yield rose 2.2 basis points to 2.493%, while the benchmark 10-year yield added 2.5 basis points to 2.889%.