South Korean won weakest since March 2009 on increasing political turmoil

SEOUL: Round-up of South Korean financial markets:

• The South Korean won on Friday weakened to a fresh low of 1,486.7 per US dollar, the weakest since March 2009, amid increasing political uncertainties as acting President Han Duck-soo faces an impeachment vote later in the day. However, the benchmark bond yield rose.

• The blue-chip KOSPI shed 35.64 points, or 1.47%, to 2,394.03 as of 02:53 GMT.

• Among index heavyweights, Samsung Electronics fell 0.37%, while peer SK Hynix gained 2.47%. Battery maker LG Energy Solution slid 1.02%.

• The potential impeachment of the country’s acting leader means lengthening of political turmoil and is working against local markets right now, said Huh Jae-hwan, an analyst at Eugene Investment & Securities.

• Han Duck-soo faces an impeachment vote later in the day, intensifying a political crisis as the Constitutional Court meets for its first hearing on Dec. 3’s short-lived martial law declared by suspended President Yoon Suk Yeol.

• Hyundai dropped 1.38% and sister automaker Kia lost 2.33%. Search engine Naver slipped 1.60%, while instant messenger Kakao added 0.13%.

• Of the total 942 traded issues, 86 advanced and 841 declined.

• Foreigners net sold shares worth 148.5 billion won ($100.3 million) on the main board on Friday.

• The won was quoted at 1,485.0 per dollar on the onshore settlement platform, 1.04% lower than Thursday’s close at 1,469.6.

• The KOSPI has gained 0.5% in the last 30 sessions, trimming year-to-date losses to 9.84%.

• In money and debt markets, March futures on three-year treasury bonds fell 0.05 point to 106.48.

• The most liquid three-year Korean treasury bond yield rose by 4.2 basis points to 2.687%, while the benchmark 10-year yield rose by 0.6 basis points to 2.909%.