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South Korean shares fall 1% as China COVID worries deepen

11/27/2022 | 08:59pm EST

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KOSPI falls, foreigners net sellers

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Korean won weakens more than 1% against dollar

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South Korea benchmark bond yield inches down

SEOUL, Nov 28 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares started the week sharply lower on Monday, led by heavyweight chipmakers, as risk-averse sentiment persisted on worries over China's COVID-19 outbreaks. The Korean won dropped, while the benchmark bond yield inched down.

** The benchmark KOSPI fell 24.26 points, or 1.00%, to 2,413.60 as of 0116 GMT.

** "Risk appetites were subdued by uncertainties over China's strengthening 'zero-COVID' policy stance," said Choi Yoo-june, an analyst at Shinhan Securities.

** China has been widening lockdown measures across major cities to fight record COVID-19 outbreaks, moves that have been met with public anger.

** Meanwhile, South Korea's central bank and government on Monday rolled out additional rescue measures for the local credit market.

** Among heavyweights, technology giant Samsung Electronics fell 1.80% and peer SK Hynix lost 2.47%, tracking a more than 1% loss of the Philadelphia Semiconductor Index in the previous session.

** Major platform stocks of Naver and Kakao were also down more than 2%.

** Battery makers were among the gaining minority. LG Energy Solution rose 1.23%, with its parent LG Chem up 0.55%, while peers Samsung SDI and SK Innovation gained 0.14% and 0.85% each.

** Of the total 925 traded issues, 149 shares rose.

** Foreigners were net sellers of shares worth 176.2 billion won ($131.67 million) on the main board.

** The won was quoted 0.88% lower at 1,335.5 per dollar on the onshore settlement platform, after falling as much as 1.20%.

** In money and debt markets, December futures on three-year treasury bonds inched up by 0.01 point to 103.83.

** The most liquid three-year Korean treasury bond yield fell by 1.1 basis points to 3.636%, while the benchmark 10-year yield fell by 0.7 basis points to 3.616%. ($1 = 1,338.2100 won) (Reporting by Jihoon Lee; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KAKAO CORP. -2.98% 65200 End-of-day quote.22.79%
KOSPI COMPOSITE INDEX -1.70% 2438.19 Real-time Quote.9.02%
LG CHEM, LTD. -2.37% 658000 End-of-day quote.9.67%
LG CORP. -1.84% 80200 End-of-day quote.2.69%
LG ENERGY SOLUTION, LTD. -1.87% 525000 End-of-day quote.20.55%
NAVER CORPORATION -3.58% 215500 End-of-day quote.21.41%
S&P GSCI COCOA INDEX 0.31% 101.2176 Real-time Quote.-1.19%
SAMSUNG ELECTRONICS CO., LTD. -3.45% 61600 End-of-day quote.11.39%
SAMSUNG SDI CO., LTD. -1.82% 701000 End-of-day quote.18.61%
SK HYNIX INC. -3.36% 89100 End-of-day quote.18.80%
SK INNOVATION CO., LTD. -0.64% 170900 End-of-day quote.10.97%
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