South Korean stocks end nine-day rally, BOJ policy in focus

SEOUL: Round-up of South Korean financial markets:

South Korean shares snapped a nine-day rally on Tuesday, pressured by profit-taking, while market participants awaited the Bank of Japan’s policy decision and more U.S. corporate earnings for further clues.

The won weakened against the dollar, although losses were limited by net foreign fund flows into local equities.

The benchmark KOSPI closed down 20.47 points, or 0.85%, at 2,379.39. It had risen 8.2% in the previous nine sessions.

Technology giant Samsung Electronics fell 0.16% and peer SK Hynix gained 0.23%, while battery maker LG Energy Solution declined 4.68%.

Of the total 933 issues traded, 250 shares gained.

Foreigners were net buyers of shares worth 178.7 billion won ($144.29 million).

The won ended onshore trade at 1,238.7 per dollar, 0.27% lower than its previous close at 1,235.3.

In offshore trading, the won was quoted at 1,238.4 per dollar, up 0.3% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,237.2.

The KOSPI has risen 6.39% so far this year, but lost 1.4% in the previous 30 trading sessions.

The won has gained 2.1% against the dollar so far this year.

In money and debt markets, March futures on three-year treasury bonds fell 0.14 point to 104.45.

The most liquid three-year Korean treasury bond yield rose by 2.5 basis points to 3.480%, while the benchmark 10-year yield rose by 5.3 basis points to 3.438%.