South Korean Shares Edge Lower on Profit-Taking
The benchmark KOSPI edged down to around 6,970 on Tuesday, reversing gains from the previous session as profit-taking and elevated global bond yields weighed on the market. Investors took profits following recent gains, particularly in large-cap technology shares. At the same time, the US 10-year Treasury yield climbed to a 24-year high above 5.34%, reinforcing concerns over higher-for-longer rates. Meanwhile, Wall Street's Nasdaq reached a record high, reinforcing the positive outlook for Korean chipmakers. Samsung Electronics also rose ahead of its third-quarter earnings guidance later this week, with analysts forecasting record operating profit of around KRW108.1 trillion on robust memory chip demand. Large-cap performance was mixed, with losses in SK hynix (-2.2%), Hanwha Aerospace (-2.4%), and Samsung Biologics (-1.7%), while Samsung Electronics (+0.2%), SK Square (+1.6%), and LG Energy Solution (+1.8%) posted gains.
The benchmark KOSPI edged down to around 6,970 on Tuesday, reversing gains from the previous session as profit-taking and elevated global bond yields weighed on the market. Investors took profits following recent gains, particularly in large-cap technology shares. 34%, reinforcing concerns over higher-for-longer rates. Meanwhile, Wall Street's Nasdaq reached a record high, reinforcing the positive outlook for Korean chipmakers.
1 trillion on robust memory chip demand. 8%) posted gains.