South Korean shares flat as investors await Nvidia, BOK decision
- The benchmark KOSPI was up 2.19 points, or 0.07%, at 3,181.55
SEOUL: Round-up of South Korean financial markets:
South Korean shares were little changed on Wednesday, as investors took a wait-and-see stance ahead of US chipmaker Nvidia’s earnings and the Bank of Korea’s policy meeting.
The benchmark KOSPI was up 2.19 points, or 0.07%, at 3,181.55, as of 0345 GMT.
“The market’s focus is on Nvidia’s earnings. It will be the turning point for South Korean chipmakers,” said Han Ji-young, an analyst at Kiwoom Securities.
US chipmaker Nvidia rose 1.1% ahead of its quarterly report late on Wednesday, which will show how the world’s most valuable company is faring in the crossfire of Washington and Beijing’s ongoing trade war.
The Bank of Korea will likely keep its key policy rate steady on Thursday, viewing rising property prices as a more immediate concern than lifting economic growth, according to a Reuters poll of economists, who now expect easing to resume next quarter.
Among index heavyweights, chipmaker Samsung Electronics rose 0.57%, while peer SK Hynix lost 1.15%. Battery maker LG Energy Solution slid 1.57%.
Hyundai Motor and sister automaker Kia Corp were up 0.92% and up 0.58%, respectively. Steelmaker POSCO Holdings shed 1.17%, while drugmaker Samsung BioLogics rose 0.49%.
Of the total 933 traded issues, 314 shares advanced, while 561 declined.
Foreigners were net sellers of shares worth 272.3 billion won ($196.16 million).
The won was quoted at 1,395.5 per dollar on the onshore settlement platform, 0.14% lower than its previous close at 1,393.6.
In money and debt markets, September futures on three-year treasury bonds gained 0.05 point to 107.42.
The most liquid three-year Korean treasury bond yield fell by 0.9 basis point to 2.409%, while the benchmark 10-year yield fell by 1.6 basis points to 2.836%.