South Korean shares fall for a second day as political uncertainty spikes
- The benchmark KOSPI was down 6.06 points, or 0.25%, at 2,457.94
SEOUL: Round-up of South Korean financial markets:
South Korean stocks rise, tracking Wall Street gains
South Korean shares fell for a second straight day on Thursday amid heightened political uncertainty with the president facing an impeachment push.
The won and the benchmark bond yield were little changed.
The benchmark KOSPI was down 6.06 points, or 0.25%, at 2,457.94 as of 0226 GMT, after a fall of 1.4% on Wednesday.
South Korea’s parliament introduced a motion on Thursday to impeach President Yoon Suk Yeol over a botched attempt to impose martial law, but his party vowed to oppose the move, throwing the process into doubt.
South Korea’s finance ministry said on Thursday that the government would activate 40 trillion won ($28.35 billion) worth of market stabilization funds.
Asia’s fourth-largest economy grew 0.1% in the third quarter, revised central bank data showed, unchanged from its advance estimates issued in October.
Among index heavyweights, chipmaker Samsung Electronics rose 1.88% and peer SK Hynix gained 4.05%, while battery maker LG Energy Solution climbed 0.13%.
Hyundai Motor shed 1.67% and sister automaker Kia Corp lost 2.75%, while search engine Naver and instant messenger Kakao were up 1.73% and down 5.04%, respectively.
Of the total 935 traded issues, 247 shares advanced, while 641 declined.
Foreigners were net sellers of shares worth 223 billion won ($157.7 million).
The won was quoted at 1,415.0 per dollar on the onshore settlement platform, 0.10% lower than its previous close at 1,413.6.
In money and debt markets, December futures on three-year treasury bonds fell 0.04 point to 106.71.
The most liquid three-year Korean treasury bond yield rose by 4.6 basis points to 2.640%, while the benchmark 10-year yield rose by 0.7 basis points to 2.773%.