South Korea shares down near 1% on news Hyundai-Apple car deal is off

  • In offshore trading, the won was quoted at 1,119.8 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,119.6.
08 Feb, 2021

SEOUL: Round-up of South Korean financial markets:

** South Korean shares fell on Monday, driven by a plunge in auto shares, while both the won and the benchmark bond yield rose.

** The benchmark KOSPI closed down 29.39 points, or 0.94%, at 3,091.24, after falling as much as 1.12% in early trade.

** Hyundai Motor Co and Kia Corp shares tumbled as much as 8.42% and 15.27%, respectively, after they said they are not now in talks with Apple Inc on autonomous electric cars, a month after confirming early-stage talks with the tech giant.

** The sub-index for transportation equipment dropped 7.86%, while the group's other affiliates Hyundai Mobis , Hyundai Glovis and Hyundai Wia ended down 8.65%, 9.5% and 11.9%, respectively.

** Most heavyweights skidded: Chip giants Samsung Electronics and SK Hynix slid 0.60% and 1.96%, respectively, while batterymakers LG Chem and Samsung SDI also dropped 3.70% and 0.65% each.

** Investors also awaited the MSCI quarterly index review data due to be released at 2200 GMT on Tuesday.

** "Market volatility may increase this week depending on foreign investors trading ahead of the expiry of KOSPI options," said Kiwoom Securities' analyst Seo Sang-young.

** Foreigners were net sellers of 354.6 billion won ($316.83 million) worth of shares on the main board.

** The won ended at 1,119.6 per dollar on the onshore settlement platform, 0.37% higher than its previous close at 1,123.7.

** In offshore trading, the won was quoted at 1,119.8 per dollar, down 0.3% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,119.6.

** The most liquid 3-year Korean treasury bond yield rose by 1.8 basis points to 1.001%.

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