Seoul: Stocks end over 1% lower after Wall Street slump; won drops
SOUTH Korean shares shed over 1 per cent on Wednesday (Apr 27) to close at a more than 1-month low, as stocks tracked Wall Street’s overnight slump, but losses were limited by stimulus hopes in China.
The Korean won dropped to a more than 2-year low, while the benchmark bond yield fell.
The benchmark Kospi closed down 29.25 points, or 1.1 per cent, to 2,639.06, after falling nearly 2 per cent in early trade. The index marked its lowest close since Mar 15.
Among heavyweights, technology giant Samsung Electronics fell 1.66 per cent, while peer SK Hynix dropped 2.25 per cent after the company reported its first-quarter results that slightly missed expectations.
LG Energy Solution also lost 1.3 per cent, even as the battery maker posted a softer-than-expected drop in its first-quarter profit.
Foreigners were net sellers of 677.2 billion won (S$737.2 million) worth of shares on the main board.
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The won closed trading 1.14 per cent lower on the onshore settlement platform, marking its fastest daily fall since Jun 17, 2021 and the lowest close since Mar 23, 2020.
South Korea’s foreign exchange authorities were suspected of selling US dollars to curb the won’s fall on Wednesday.
In offshore trading, the won was quoted at 1,264.6 per dollar, down 0.3 per cent, while in non-deliverable forward trading, its 1-month contract was quoted at 1,264.8.
In money and debt markets, June futures on 3-year treasury bonds fell 0.12 point to 105.63 in late afternoon trade.
The most liquid 3-year Korean treasury bond yield rose by 1.3 basis points to 2.872 per cent, while the benchmark 10-year yield fell by 2.5 basis points to 3.17 per cent. REUTERS
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