South Korean shares flat as gains in battery makers counter chip losses
- The benchmark KOSPI was up 2.64 points, or 0.10%
SEOUL: Round-up of South Korean financial markets:
South Korean shares pare early losses as Samsung Electronics rebounds
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South Korean shares were little changed on Friday, despite weak data, as gains in battery makers countered losses in chip heavyweights. The won weakened, while the benchmark bond yield fell.
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The benchmark KOSPI was up 2.64 points, or 0.10%, at 2,558.79 as of 0316 GMT.
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South Korea’s export growth slowed to a seven-month low in October, missing market expectations, in a sign that cooling global demand and US election uncertainty are undermining an already shaky economic recovery.
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South Korea’s factory activity shrank for a second straight month in October, with output falling by the most in 16 months, a survey showed, adding to recent signs of a slowdown in global demand.
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Battery maker LG Energy Solution climbed 1.84%, while peers Samsung SDI and SK Innovation rose 1.38% and 5.45%, respectively.
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Chipmaker Samsung Electronics fell 0.34%, while peer SK Hynix lost 1.18%.
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Among other index heavyweights, automakers and biopharmaceutical manufacturers rose, while e-commerce firms were mixed.
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Of the total 938 traded issues, 300 shares advanced, while 584 declined.
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Foreigners were net buyers of shares worth 11.1 billion won ($8.05 million).
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The won was quoted at 1,379.5 per dollar on the onshore settlement platform, 0.18% lower than its previous close at 1,377.0.
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In money and debt markets, December futures on three-year treasury bonds rose 0.02 points to 105.87.
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The most liquid three-year Korean treasury bond yield fell by 0.4 basis points to 2.930%, while the benchmark 10-year yield fell by 4.9 basis points to 3.090%.
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