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Seoul: Korean stocks fall on rising US Treasury yields

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[SEOUL] South Korea's Kospi stock index ended lower on Friday on fears of foreign fund outflows after US Treasury yields surged to a fresh seven-year high and strong US economic data fanned risks of faster-than-expected interest rate hikes. The Korean won edged lower, while bond yields rose.

The key stock index fell 1 per cent in intraday trading before recovering partially on bullish third-quarter profit forecast by Samsung and net purchases by institutional investors, said Noh Dong-kil, an analyst with Shinhan Investment Corp.

The KOSPI closed 6.97 points, or 0.31 per cent, lower at 2,267.52, extending falls into a fifth session. For the week, the benchmark index dropped 3.2 per cent.

The won was quoted at 1,130.4 per US dollar on the onshore settlement platform, 0.04 per cent weaker than its previous close at 1,129.9. The won extended losses into a fourth session and fell 1.9 per cent on a weekly basis.

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In offshore trading, the won was quoted at 1,130 per US dollar, up 0.22 per cent from the previous day, while in one-year non-deliverable forwards it was being transacted at 1,112.9 per dollar.

REUTERS