South Korean shares end lower, Korea Zinc hits daily lower limit

Reuters

South Korean shares end lower, Korea Zinc hits daily lower limit

2024 10월 30 일, 오전 6:59 GMT

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KOSPI falls, foreigners net sellers

Korean won little changed against dollar

South Korea benchmark bond yield steady

For the midday report, please click nL1N3M6016

SEOUL, Oct 30 (Reuters) -Round-up of South Korean financial markets:

** South Korean shares fell nearly 1% on Wednesday, dragged down by losses in index heavyweight Samsung Electronics and a plunge in Korea Zinc to the daily lower limit.

** The benchmark KOSPI .KS11 closed down 24.01 points, or 0.92%, at 2,593.79, snapping a three-session run of gains.

** "Foreign selling of Samsung Electronics and a sharp drop in Korea Zinc led the losses on the benchmark index," said Seo Sang-young, an analyst at Mirae Asset Securities.

** Chipmaker Samsung Electronics 005930.KS fell 0.84%, after rising for two straight sessions. Last week, it hit its lowest level in nearly 22 months.

** Korea Zinc 010130.KS fell 29.9% to its daily lower limit, after the world's top zinc refiner said it planned to issue new stock worth about $1.8 billion just two days after it bought back shares at a higher price.

** Having risen sharply since mid-September on a battle between founding families for a controlling stake, Korea Zinc was the ninth largest company on the KOSPI index by market cap, as of Tuesday.

** Analysts criticised the move to be against shareholder interest, coming at a time when the government is pushing for corporate reforms to boost shareholder value.

** South Korea's export growth is expected to have slowed for a third straight month in October on signs of cooling global demand for computer chips, a Reuters poll showed. The data will be reported on Friday.

** After that, there will be the U.S. presidential election and the Federal Reserve's policy meeting next week.

** Foreigners were net sellers of shares worth 335.3 billion won ($242.84 million).

** The won was quoted at 1,382.4 per dollar on the onshore settlement platform KRW=KFTC, 0.01% lower than its previous close at 1,382.2.

** The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 2.3 basis points to 2.939%, while the benchmark 10-year yield KR10YT=RR fell by 0.9 basis point to 3.111%.

($1 = 1,380.7700 won)

Reporting by Jihoon Lee; Editing by Subhranshu Sahu

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South Korean shares end lower, Korea Zinc hits daily lower limit

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