South Korean shares end lower as foreigners book profits
- The benchmark KOSPI closed down 173.07 points, or 2.04%, at 8,303.41
SEOUL: Round-up of South Korean financial markets:
South Korean shares fell more than 2% on Wednesday, as overseas investors booked profits after a blistering second quarter, even as the country’s exports beat forecasts on record chip sales.
The benchmark KOSPI closed down 173.07 points, or 2.04%, at 8,303.41.
The index rose 68% in the June quarter, the steepest since 1998. It has risen 97.04% so far this year.
South Korea’s exports expanded at the strongest pace in nearly half a century last month, smashing forecasts, on a surge in chip sales propelled by the global boom in AI investment.
“The index cut losses on strong exports but still ended the session lower on continued profit booking by foreign investors,” said Seo Sang-young, an analyst at Mirae Asset Securities.
Among index heavyweights, chipmaker Samsung Electronics fell 5.84%, while peer SK Hynix lost 3.40%. Battery maker LG Energy Solution slid 3.87%.
Hyundai Motor and sister automaker Kia Corp were down 1.52% and up 2.54%, respectively. Steelmaker POSCO Holdings shed 0.63%, while drugmaker Samsung BioLogics rose 0.36%.
Of the total 918 traded issues, 700 shares advanced, while 193 declined.
Foreigners were net sellers of shares worth 1.7 trillion won ($1.09 billion).
The won was quoted at 1,554.9 per dollar on the onshore settlement platform, 0.35% lower than its previous close at 1,549.5.
In money and debt markets, September futures on three-year treasury bonds lost 0.33 point to 102.96.
The most liquid three-year Korean treasury bond yield rose by 8.1 basis points to 3.788%, while the benchmark 10-year yield rose by 9.6 basis points to 4.196%.
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