South Korean shares set to end 2024 with losses of nearly 9%
- The benchmark KOSPI was up 22.83 points, or 0.95%, at 2,427.60
SEOUL: Round-up of South Korean financial markets:
South Korean won drops to lowest level since March 2009; stocks ease
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South Korean shares rose on Monday, after a dip in the previous session which was the ex-dividend date for the year, but were set to end the year nearly 9% lower.
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The benchmark KOSPI was up 22.83 points, or 0.95%, at 2,427.60 as of 0147 GMT, after falling 1% on Friday.
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The KOSPI has declined 8.6% so far this year, after a rise of 18.7% in 2023.
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South Korea’s financial markets will be closed on Tuesday and Wednesday.
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Among index heavyweights, chipmaker Samsung Electronics rose 0.19% and peer SK Hynix gained 0.63%, while battery maker LG Energy Solution climbed 1.72%.
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Budget carrier Jeju Air hit its lowest on record after the country’s deadliest air crash killed 179 people.
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South Korea’s finance ministry said authorities would deploy more stabilisation measures if excessive herd-like behaviour was seen in financial markets.
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Of the total 941 traded issues, 536 shares advanced, while 345 declined.
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Foreigners were net buyers of shares worth 21.8 billion won ($14.86 million).
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The won was quoted at 1,467.6 per US dollar on the onshore settlement platform, 0.20% higher than its previous close of 1,470.5.
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In money and debt markets, March futures on three-year treasury bonds fell 0.03 points to 106.60.
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The most liquid three-year Korean treasury bond yield fell by 2.1 basis points to 2.620%, while the benchmark 10-year yield rose by 2 basis points to 2.931%.
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