Seoul: Shares finish lower on rising US yields

[SEOUL] South Korean shares ended lower on Friday, posting their first weekly loss in three weeks as a spike in US bond yields weighed, with sentiment further dented by Sino-US tensions.

The Kospi closed down 26.48 points, or 0.86 per cent at 3,039.53, having fallen as much as 1.42 per cent. The benchmark index posted a weekly decline of 0.49 per cent, reversing a 0.93 per cent gain a week earlier.

Chip giants Samsung Electronics and SK Hynix dropped 1.21 per cent and 2.82 per cent, respectively, leading benchmark declines, while battery maker LG Chem slid 3.60 per cent.

The benchmark US 10-year yield spiked to 1.754 per cent for the first time since January 2020, even as the Federal Reserve repeated its pledge to keep interest rates near zero through 2024.

Foreigners were net sellers of US$515.57 million worth of shares on the main board.

REUTERS