South Korean Shares Extend Decline

The benchmark KOSPI edged down to around 6,820 on Thursday, extending losses for a fourth straight session, as elevated US Treasury yields continued to weigh on equities. The 10-year Treasury yield rose to 5.3%, approaching its highest level since 2002, while the 30-year yield rose above 5.6%. Samsung Electronics and SK hynix fell modestly, while other decliners included Samsung Electro-Mechanics (-2.3%), KB Financial Group (-1.8%), Shinhan Financial Group (-1.8%), HD Hyundai Heavy Industries (-1.3%), and LG Electronics (-2.1%). Foreign investors’ continued selling of Korean equities added to the downside, with net outflows reaching around KRW21.5 trillion in September. Meanwhile, South Korean exports surged 83.5% year-on-year to a record $120.9 billion in September, led by semiconductor exports that jumped 263% to a record $60.3 billion. At the same time, Micron’s stronger-than-expected results and guidance further reinforced the underlying demand for AI-related memory products.