South Korea’s KOSPI snaps three-day rally; falls over 1%
KOSPI fell more than 1% to around 6,840 on Friday, snapping a three-day rally. Investors stayed cautious ahead of Federal Reserve Chair Kevin Warsh’s Jackson Hole speech; Samsung Biologics slid on a KRW 3 trillion rights offering plan.
The benchmark KOSPI fell more than 1% to around 6,840 on Friday, snapping a three-day rally, as investors remained cautious ahead of Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium later in the day.
The decline came despite a strong overnight session on Wall Street, following Nvidia’s stronger-than-expected earnings and upbeat revenue outlook.
Korean chipmakers failed to track the gains, with Samsung Electronics and SK hynix both declining more than 1%, limiting the positive spillover from the US technology rally.
At the same time, Samsung Biologics dropped nearly 5% after announcing plans to raise KRW 3 trillion through a rights offering, adding further pressure to the index.
Losses were also seen in LG Energy Solution (-1.8%), Hanwha Aerospace (-2.6%), HD Hyundai Heavy Industries (-2.8%), SK Inc (-2.5%), and LS Electric (-1.8%).