Seoul: Stocks fall for a 2nd day as mood sours over Evergrande

[SEOUL] South Korean shares fell for a second session on Thursday as investors weighed the outlook for China's property sector over ailing developer Evergrande's financial strains and elevated inflation. The Korean won weakened, while the benchmark bond yield fell.

The benchmark Kospi fell 5.80 points or 0.19 per cent to 3,007.33 as at 6.32 am GMT.

Among the heavyweights, technology giant Samsung Electronics fell 0.14 per cent and peer SK Hynix fell 1.63 per cent, while LG Chem fell 4.05 per cent and Naver rose 0.74 per cent.

Investors seem to be worried about China's property market outlook and growth ahead, while preliminary trade data from Korea was positive and capped further losses, said Lee Kyoung-min, an analyst at Daishin Securities.

South Korea's exports for the first 20 days of October soared 36.1 per cent from a year earlier, data showed on Thursday, easing concerns about supply-chain disruptions caused by the energy crisis in neighbouring China.

Foreigners were net buyers of 42.4 billion won (S$48.4 million) worth of shares on the main board.

The won was quoted at 1,177.2 per dollar on the onshore settlement platform, 0.25 per cent lower than its previous close at 1,174.2.

In offshore trading, the won was quoted at 1,177 per dollar, down 0.1 per cent from the previous day, while in non-deliverable forward trading its 1-month contract was quoted at 1,177.7.

The Kospi has risen 4.66 per cent so far this year, but lost 6 per cent in the previous 30 trading sessions.

The trading volume during the session in the Kospi index was 871.15 million shares. Of the total traded issues of 926, the number of advancing shares was 297.

The won has lost 7.7 per cent against the dollar so far this year.

In money and debt markets, December futures on 3-year treasury bonds rose 0.06 point to 108.67.

REUTERS