South Korean shares fall as chipmakers decline ahead of Samsung Electronics earnings

SEOUL: Round-up of South Korean financial markets:

South Korean shares fell on Tuesday as trading resumed after a long holiday weekend, with chipmakers declining ahead of Samsung Electronics’ earnings later this week.

The benchmark KOSPI was down 34.41 points, or 0.49%, at 6,969.33, as of 0129 GMT. Local markets were closed on Monday for a public holiday.

South Korea’s finance minister said economic growth was seen in the 3% range this year as growth momentum was expanding.

Chipmaker Samsung Electronics fell 0.36%, while peer SK Hynix lost 2.72%. “Samsung Electronics’ third-quarter earnings will be the main event.

The focus will be on if the result will lead to upward revisions in earnings forecasts for the chip sector and trigger foreign buying,“ said Han Ji-young, an analyst at Kiwoom Securities.

Among other index heavyweights, battery maker LG Energy Solution climbed 1.75%, while Hyundai Motor and sister automaker Kia Corp were up 1.01% and 0.18%, respectively.

Steelmaker POSCO Holdings added 0.64%, while drugmaker Samsung BioLogics fell 1.70%.

Of the total 913 traded issues, 411 shares advanced, while 448 declined. Foreigners were net sellers of shares worth 564.5 billion won ($420.15 million).

The won was quoted at 1,343.0 per dollar on the onshore settlement platform, 0.04% lower than its previous close at 1,342.4.

In money and debt markets, December futures on three-year treasury bonds lost 0.01 point to 102.63.

The most liquid three-year Korean treasury bond yield rose by 0.7 basis point to 3.937%, while the benchmark 10-year yield fell by 0.4 basis point to 4.382%.