South Korean shares set to snap three-week rally on US tariffs
- The benchmark KOSPI was down 42.77 points, or 1.64%, at 2,564.38
SEOUL: und-up of South Korean financial markets:
South Korean shares hit over 1-month high on chip, battery boost
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South Korean shares fell more than 1% on Friday and were set for their first weekly decline in a month as chip and auto makers dropped on US tariff worries.
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The benchmark KOSPI was down 42.77 points, or 1.64%, at 2,564.38 as of 0111 GMT.
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The KOSPI has fallen 2.9% this week after three weeks of gains.
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South Korea’s exports likely rose for a second straight month in March on a growth in chip sales, a Reuters poll found, but economists warned of weakening momentum due to US tariffs.
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The fresh US tariffs on automobiles will kick in next week, while President Donald Trump threatened duties on chip imports and reciprocal tariffs on major trading partners.
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Chipmaker Samsung Electronics fell 1.94% and peer SK Hynix lost 3.72%.
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Hyundai Motor shed 4% and sister automaker Kia slid 2.96%.
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Steel manufacturers, e-commerce firms and biopharmaceutical manufacturers also fell.
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Of the total 936 traded issues, 126 advanced and 773 declined.
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Foreigners net sold South Korean shares worth 293.5 billion won ($200.4 million).
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The won was quoted at 1,465.6 per US dollar on the onshore settlement platform, 0.06% lower than Thursday’s close at 1,464.7.
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In money and debt markets, June futures on three-year treasury bonds fell 0.01 point to 106.74.
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The most liquid three-year Korean treasury bond yield rose by 0.3 basis points to 2.628%, while the benchmark 10-year yield fell by 1.2 basis points to 2.839%.
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