South Korea shares fell after selloff continues on Wall Street
- The benchmark KOSPI was down 159.11 points, or 2.72%, at 5,699.97
South Korean shares declined as a tech selloff on Wall Street outweighed positive sentiment from falling oil prices. The won strengthened, and bond yields decreased amidst foreign selling.
- South Korean stock market's decline and major company losses.
- Global factors influencing South Korean shares, like US tech and oil prices.
- Performance of the won and benchmark bond yields.
SEOUL: Round-up of South Korean financial markets:
South Korean shares fell on Tuesday as a selloff of tech shares deepened on Wall Street, offsetting positive sentiment from a plunge in oil prices. The won strengthened, while the benchmark bond yield fell.
The benchmark KOSPI was down 159.11 points, or 2.72%, at 5,699.97 as of 0233 GMT.
Chipmaker Samsung Electronics fell 3.17%, while peer SK Hynix lost 4.14%.
Among other index heavyweights, battery maker LG Energy Solution slid 3.51%, while Hyundai Motor and sister automaker Kia Corp were down 3.57% and down 1.25%, respectively.
Stocks on Wall Street edged lower, with the S&P 500 .SPX slipping 0.5% as tech sector earnings weighed on investor confidence, even as data showed US manufacturing activity picked up in October amid strong domestic demand.
Oil prices fell more than 7% on Monday as talks between Iranian and Qatari officials raised hopes of an end to the US-Israeli war with Iran and stabilized Middle East crude supply.
Steelmaker POSCO Holdings shed 5.65%, while drugmaker Samsung BioLogics rose 2.18%.
Of the total 908 traded issues, 250 shares advanced, while 624 declined. Foreigners were net sellers of shares worth 811.4 billion won.
The won was quoted at 1,340.8 per dollar on the onshore settlement platform, 0.39% higher than its previous close at 1,346.0.
The KOSPI has risen 35.26% so far this year.
The won has strengthened 7.4% against the dollar so far this year.
In money and debt markets, December futures on three-year Treasury bonds gained 0.09 points to 103.48.
The most liquid three-year Korean treasury bond yield fell by 2.0 basis points to 3.724%, while the benchmark 10-year yield fell by 4.5 basis points to 3.997%.
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