SEOUL: Round-up of South Korean financial markets:
South Korean shares rise for third day on AI boost
South Korean shares declined on Friday amid investor caution ahead of US employment data due later in the day, with battery and e-commerce firms dragging the benchmark index lower.
The KOSPI closed down 14.83 points, or 0.58%, at 2,521.92, ending a three-session gaining streak.
Still, the index ended the week up 0.2%, after a fall of 0.8% last week, when the market was closed for four days due to Lunar New Year holidays.
US job growth likely slowed in January, though not enough for the Federal Reserve to resume interest rate cuts before the end of the first half, according to a Reuters poll.
“The market was in a wait-and-see mode ahead of US employment data, which, if strong, will weigh on the market,” said Lee Kyoung-min, an analyst at Daishin Securities.
South Korea’s acting president Choi Sang-mok ordered authorities to closely monitor the impact of US policies on the domestic economy and financial markets.
Bank of Korea Governor Rhee Chang-yong said on Thursday an anticipated rate cut this month was not a “done deal”, Bloomberg News reported.
Battery maker LG Energy Solution slid 1.75%, tracking overnight losses in US electric-vehicle maker Tesla. Peers Samsung SDI and SK Innovation fell 1.18% and 2.73%, respectively.
Search engine Naver and instant messenger Kakao ended down 2.80% and 1.77%, respectively, on profit-taking after recent sharp gains.
Korea Gas Corporation slumped by 13.8%, after the government assessed that the country’s oil and gas project off its east coast might not be economically feasible.
Foreigners were net sellers of shares worth 268.9 billion won ($185.78 million).
The won was quoted at 1,447.8 per dollar on the onshore settlement platform, 0.02% lower than its previous close at 1,447.5.
The most liquid three-year Korean treasury bond yield rose 4.7 basis points to 2.626%, while the benchmark 10-year yield rose 7.2 bps to 2.838%.
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