off-the-wire

S.Korean shares post biggest weekly loss since Dec-end

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI closes at lowest since late-Jan

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Korean won hits weakest since late-Nov

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South Korea benchmark bond yield drops

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For the midday report, please click SEOUL, March 10 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares ended 1% lower on Friday, as caution that U.S. employment data might signal more aggressive rate hikes by the Federal reserve weighed on sentiment, and posted their biggest weekly loss this year.


** The Korean won touched the weakest level since late-November 2022 before recovering much of its losses on suspected intervention, while the benchmark bond yield fell.
** The benchmark KOSPI ended down 24.50 points, or 1.01%, at 2,394.59, its lowest closing level since Jan. 19.
** For the week, the index ended 1.54% lower - its biggest weekly loss since December-end.


** Investor focus is on U.S. employment data due later in the day, after Fed Chair Jerome Powell said earlier this week that the central bank might have to raise interest rates by more than previously anticipated.
** "Wage increase of a similar pace to that in the previous month is unlikely to be interpreted in a positive note," Mirae Asset Securities analyst Park Kwang-nam said.
** Technology giant Samsung Electronics fell 1.00% and peer SK Hynix lost 2.69%, but battery maker LG Energy Solution gained 0.36%.
** Of the total 932 issues traded, only 118 rose.
** Foreigners were net sellers of shares worth 325.8 billion won ($245.80 million).


** The won ended onshore trade 0.15% lower at 1,324.2 per dollar, after falling as much as 0.51% to the weakest level since Nov. 30, 2022 at 1,329.0.


** The currency fell 1.71% for the week, its worst performance in three.
** In money and debt markets, March futures on three-year treasury bonds rose 0.38 point to 103.59.
** The most liquid three-year Korean treasury bond yield fell by 15.4 basis points (bps) to 3.709%, while the benchmark 10-year yield fell by 12.7 bps to 3.615%. ($1 = 1,325.4700 won) (Reporting by Jihoon Lee, additional reporting by Yena Park; Editing by Rashmi Aich)

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