South Korean shares extend losses to second day on US tariff worries

Reuters

South Korean shares extend losses to second day on US tariff worries

Nov 27, 2024 at 7:09 am GMT

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KOSPI falls, foreigners net sellers

Korean won little changed against US dollar

South Korea benchmark bond yield falls

For the midday report, please click nL2N3MY00Y

SEOUL, Nov 27 (Reuters) -Round-up of South Korean financial markets:

** South Korean shares fell for a second straight session on Wednesday, as major exporters of semiconductors, cars and batteries declined on U.S. tariff worries.

** The benchmark KOSPI .KS11 closed down 17.30 points, or 0.69%, at 2,503.06, extending Tuesday's 0.55% drop.

** U.S. President-elect Donald Trump on Monday pledged big tariffs on the United States' three largest trading partners - Canada, Mexico and China.

** "The market is faltering day by day on new comments from the next U.S. administration, while sectors of little influence from U.S. tariffs are performing comparably better," said Huh Jae-hwan, an analyst at Eugene Investment Securities.

** Chipmaker Samsung Electronics 005930.KS and peer SK Hynix 000660.KS shed 3.43% and 4.97%, respectively, tracking overnight losses in global peers on uncertainty over U.S. subsidies.

** Hyundai 005380.KS slipped 1.12%, despite a share buyback plan, and sister automaker Kia 000270.KS dipped 3.08%.

** Battery maker LG Energy Solution 373220.KS eased 1.35%. Peers Samsung SDI 006400.KS and SK Innovation 096770.KS ended lower 3.77% and 2.86%, respectively.

** Among index heavyweights, e-commerce, biopharmaceutical and financial stocks, not much impacted by U.S. tariffs, climbed.

** Foreigners net sold shares worth 368.5 billion won ($263.7 million).

** The won was quoted at 1,397.0 per U.S. dollar on the onshore settlement platform KRW=KFTC, 0.06% lower than its previous close at 1,396.1.

** South Korea's pension fund has been selling dollars in the onshore foreign exchange market in recent weeks, capping losses in the won currency as the dollar surges, Reuters reported.

** The most liquid three-year Korean treasury bond yield KR3YT=RR fell 0.7 basis points to 2.742%, while the benchmark 10-year yield KR10YT=RR dropped 2.4 basis points to 2.883%.

($1 = 1,397.3300 won)

Reporting by Jihoon Lee; Editing by Sumana Nandy

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