South Korean Shares Edge Down
The benchmark KOSPI edged lower to around 6,780 on Thursday, extending losses for a third straight session as elevated global bond yields and inflation concerns weighed on equities. The US 10-year Treasury yield climbed to 5.35%, its highest level since 2002, while Federal Reserve minutes showed most officials favored another rate increase by year-end, keeping the outlook for US borrowing costs elevated and weighing particularly on technology stocks. At the same time, Brent crude remained around $100 a barrel, adding to inflation risks and limiting the scope for monetary easing. Losses were seen in Samsung Electronics (-0.56%), SK Square (-4.99%), Hyundai Motor (-3.13%), Hanwha Aerospace (-5.76%), and Doosan Enerbility (-4.97%). However, Samsung Electronics' record third-quarter operating profit estimate of KRW 107.4 trillion, up 782.5% year-on-year and above market forecasts, was driven by strong AI-related demand, lifting memory chip prices and earnings.
The benchmark KOSPI edged lower to around 6,780 on Thursday, extending losses for a third straight session as elevated global bond yields and inflation concerns weighed on equities. 35%, its highest level since 2002, while Federal Reserve minutes showed most officials favored another rate increase by year-end, keeping the outlook for US borrowing costs elevated and weighing particularly on technology stocks. At the same time, Brent crude remained around $100 a barrel, adding to inflation risks and limiting the scope for monetary easing. 97%).
5% year-on-year and above market forecasts, was driven by strong AI-related demand, lifting memory chip prices and earnings.