SEOUL: Round-up of South Korean financial markets:
South Korean shares fall on caution ahead of central bank events
South Korean shares fell for a second straight session on Friday and were set to end the week lower after the US Federal Reserve indicated a slower pace of cuts in interest rates.
The won weakened, while the benchmark bond yield rose.
The benchmark KOSPI was down 32.33 points, or 1.33%, at 2,403.60 as of 0328 GMT, after a drop of 2% on Thursday.
For the week, the index was down 3.6%, set to post its worst weekly performance since mid-November.
The US economy grew faster than previously estimated in the third quarter, driven by robust consumer spending, data showed on Thursday, a day after the Federal Reserve projected only two rate reductions in 2025, citing the economy’s continued resilience and still-high inflation.
Among index heavyweights, chipmaker Samsung Electronics fell 1.51% and peer SK Hynix lost 3.43%, while battery maker LG Energy Solution slid 1.34%.
Hyundai Motor shed 1.89% and sister automaker Kia Corp lost 0.40%, while search engine Naver and instant messenger Kakao were up 0.24% and down 0.85%, respectively.
Of the total 938 traded issues, 162 shares advanced, while 737 declined.
Foreigners were net sellers of shares worth 516.6 billion won ($356.3 million).
The won was quoted at 1,449.1 per dollar on the onshore settlement platform, 0.12% lower than its previous close at 1,447.3.
South Korea’s financial authorities said on Friday they would loosen foreign exchange regulations to improve liquidity conditions in the currency market, as the won traded at a 15-year low.
In money and debt markets, March futures on three-year treasury bonds fell 0.10 point to 106.75.
The most liquid three-year Korean treasury bond yield rose by 0.8 basis points to 2.614%, while the benchmark 10-year yield advanced by 4.2 basis points to 2.849%.
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