South Korean shares extend losses as chipmakers track Wall Street slide
- The benchmark KOSPI was down 97.51 points, or 2.47%, at 3,856.11
SEOUL: Round-up of South Korean financial markets:
South Korean shares extended losses for a second consecutive session on Wednesday, with chip heavyweights mirroring Wall Street’s drop on over-valuation fears.
The benchmark KOSPI was down 97.51 points, or 2.47%, at 3,856.11, as of 0037 GMT, after dropping more than 3% on Tuesday.
US stocks ended lower on Tuesday, with the S&P 500 putting in a fourth day of losses as valuation worries hit big technology-related shares.
Investor focus is on US chipmaker Nvidia’s quarterly results due later in the day.
Among South Korean heavyweights, chipmaker Samsung Electronics fell 3.07%, while peer SK Hynix lost 4.04%. Battery maker LG Energy Solution slid 3.16%.
Hyundai Motor slipped 0.76%, while sister automaker Kia Corp climbed 0.26%. Steelmaker POSCO Holdings was trading flat.
Of the total 921 traded issues, 165 shares advanced, while 720 declined.
Foreigners were net sellers of shares worth 482.0 billion won ($329.55 million).
The won was quoted at 1,463.6 per dollar on the onshore settlement platform, 0.12% lower than its previous close at 1,461.9.
In money and debt markets, December futures on three-year treasury bonds lost 0.01 point to 105.90.
The most liquid three-year Korean treasury bond yield rose by 0.7 basis point to 2.871%, while the benchmark 10-year yield rose by 0.6 basis point to 3.267%.