South Korean shares fall on profit-taking but post fifth weekly gain

SEOUL: Round-up of South Korean financial markets:

South Korean shares extended declines for a second session on Friday on profit-booking following a recent rally on post-election policy hopes, but still posted a fifth straight weekly gain.

The benchmark KOSPI closed down 23.62 points, or 0.77%, at 3,055.94.

For the week, the KOSPI rose 1.1%. It has gained 13.3% so far this month.

“The market fell broadly on profit taking as current stock prices are not cheap in terms of valuation,” said Seo Sang-young, an analyst at Mirae Asset Securities.

South Korea’s exports likely rebounded in June on the back of strong technology demand, following a decline in May, a Reuters poll showed, though economists remain wary amid uncertainty over U.S. tariff policy.

Among index heavyweights, chipmaker Samsung Electronics rose 1.00%, while peer SK Hynix lost 3.07%. Battery maker LG Energy Solution slid 3.03%.

Hyundai Motor and sister automaker Kia Corp were down 2.15% and down 1.41%, respectively. Steelmaker POSCO Holdings shed 2.80%, while drugmaker Samsung BioLogics fell 0.30%.

South Korean shares decline on profit booking

Of the total 935 traded issues, 247 shares advanced, while 661 declined.

Foreigners were net sellers of shares worth 855.4 billion won ($630.61 million).

The won was quoted at 1,357.4 per dollar on the onshore settlement platform, 0.33% lower than its previous close at 1,352.9.

In money and debt markets, September futures on three-year treasury bonds were unchanged at 107.24.

The most liquid three-year Korean treasury bond yield rose 0.2 basis point to 2.459%, while the benchmark 10-year yield fell 1.5 bps to 2.786%.