S.Korean shares fall as auto, e-commerce stocks drag; end week higher

Reuters

S.Korean shares fall as auto, e-commerce stocks drag; end week higher

Nov 8, 2024 at 6:51 am GMT

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KOSPI falls, foreigners net buyers

Korean won little changed against dollar

South Korea benchmark bond yield falls

For the midday report, please click nL1N3MF016

SEOUL, Nov 8 (Reuters) -Round-up of South Korean financial markets:

** South Korean shares ended lower on Friday, dragged down by auto and e-commerce stocks, but posted their first weekly gain in a month.

** The benchmark KOSPI .KS11 closed down 3.48 points, or 0.14%, at 2,561.15, erasing earlier gains.

** For the week, however, the benchmark index rose 0.7%, after three weekly declines in a row.

** "The 'super week' ended with no upward driver found for the domestic market," said Seo Sang-young, an analyst at Mirae Asset Securities.

** The U.S. Federal Reserve cut interest rates by a quarter of a percentage point on Thursday, as its policymakers began taking stock of what could become a more complex economic landscape when President-elect Donald Trump takes office in January.

** South Korea's finance minister said that authorities will respond in a timely manner if volatility heightens excessively in financial markets.

** The Bank of Korea also said it will monitor financial markets more closely.

** Hyundai Motor 005380.KS shed 1.93% and sister automaker Kia Corp 000270.KS lost 1.06%, while search engine Naver 035420.KS and instant messenger Kakao 035720.KS ended down 2.84% and 4.24%, respectively.

** LG Energy Solution 373220.KS jumped 3.24%, after the battery maker's subsidiary in Arizona signed a supply agreement with U.S.-based automotive maker Rivian RIVN.O.

** Of the total 939 traded issues, 391 shares advanced, while 470 declined.

** Foreigners were net sellers of shares worth 18.2 billion won ($13.13 million).

** The won was quoted at 1,386.4 per dollar on the onshore settlement platform KRW=KFTC, 0.03% lower than its previous close at 1,386.0.

** The most liquid three-year Korean treasury bond yield KR3YT=RR fell by 4.0 basis points to 2.883%, while the benchmark 10-year yield KR10YT=RR fell by 6.7 basis points to 3.049%.

($1 = 1,386.5900 won)

Reporting by Jihoon Lee; Editing by Rashmi Aich

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