South Korean shares post biggest weekly fall since 2008 on AI worries
KOSPI rises, foreigners net buyers Korean won strengthens against dollar South Korea benchmark bond yield falls For the midday report, please click... SEOUL, Oct 16 (Reuters) — Round-up of South Korean financial markets: * South Korean shares rebounded from a six-month low on Friday on dip-buying but still ended the week with their biggest fall in 18 years on worries about the sustainability of the global AI investment boom. * The benchmark KOSPI closed up 113.83 points, or 2.05%, at 5,668.05, snapping seven consecutive sessions of losses. * The rebound came after the KOSPI fell nearly 8% on Thursday to close at its lowest since April 7 on a tech selloff sparked by higher-than-expected US inflation data. * "The domestic market rebounded on dip-buying after recent sharp losses," said Lee Kyoung-min, analyst at Daishin Securities. * For the week, the index is down 14.5%, its third straight weekly loss and the biggest since October 2008. * South Korea's finance ministry said it would step up financial market monitoring and closely watch for any impact of recent stock market volatility on bond, foreign exchange and short-term money markets. * Chipmaker Samsung Electronics rose 2.62%, w
KOSPI rises, foreigners net buyers Korean won strengthens against dollar South Korea benchmark bond yield falls For the midday report, please click... SEOUL, Oct 16 (Reuters) — Round-up of South Korean financial markets: * South Korean shares rebounded from a six-month low on Friday on dip-buying but still ended the week with their biggest fall in 18 years on worries about the sustainability of the global AI investment boom. * The benchmark KOSPI closed up 113.83 points, or 2.05%, at 5,668.05, snapping seven consecutive sessions of losses.
* The rebound came after the KOSPI fell nearly 8% on Thursday to close at its lowest since April 7 on a tech selloff sparked by higher-than-expected US inflation data. * "The domestic market rebounded on dip-buying after recent sharp losses," said Lee Kyoung-min, analyst at Daishin Securities. * For the week, the index is down 14.5%, its third straight weekly loss and the biggest since October 2008. * South Korea's finance ministry said it would step up financial market monitoring and closely watch for any impact of recent stock market volatility on bond, foreign exchange and short-term money markets.
* Chipmaker Samsung Electronics rose 2.62%, while peer SK Hynix gained 0.79%. * Among other index heavyweights, battery maker LG Energy Solution climbed 0.12%, while Hyundai Motor and sister automaker Kia Corp were up 5.58% and up 4.06%, respectively. * Steelmaker POSCO Holdings added 1.54%, while drugmaker Samsung Biologics rose 4.09%. * Of the total 916 traded issues, 759 shares advanced, while 135 declined.
* Foreigners were net buyers of shares worth 341 billion won ($256.08 million). * The won was quoted at 1,331.4 per dollar on the onshore settlement platform, 0.80% higher than its previous close. * In money and debt markets, December futures on three-year treasury bonds gained 0.04 point to 102.99. * The most liquid three-year Korean treasury bond yield fell by 0.2 basis points to 3.867%, while the benchmark 10-year yield fell by 0.8 bp to 4.194%.
($1 = 1,335.3000 won) (Reporting by Jihoon Lee; Editing by Sonia Cheema) ((jihoon.lee@thomsonreuters.com;)