South Korean shares dive on fears of U.S. banking crisis

Kitco Media
By Reuters
Published:
Updated:
Reuters

* KOSPI falls, foreigners net sellers
* Korean won weakens against dollar
* South Korea benchmark bond yield falls SEOUL, March 14 (Reuters) - Round-up of South Korean financial markets:

** South Korean shares fell nearly 2% early on Tuesday as fears of a U.S. banking crisis soured appetite for riskier assets.


** The won also weakened, albeit modestly, as foreign sell-off of local shares added to the weakened appetite for riskier assets including emerging-market currencies.
** The benchmark KOSPI stock index was down 45.60 points, or 1.89%, at 2,365.00, as of 0210 GMT, after declining 2.3% earlier in the session. Banks dropped 2.26%.
** Fallout from the collapse of U.S. lenders Silicon Valley Bank and Signature Bank widened overnight, despite government efforts to shore up confidence.
** Technology giant Samsung Electronics fell 1.17% and peer SK Hynix lost 2.73%, while battery maker LG Energy Solution declined 2.31%.
** Of the total 932 issues traded, only 42 shares gained.
** Foreigners were net sellers of shares worth 337.8 billion won ($258.82 million).


** The won was quoted at 1,305.7 per dollar on the onshore settlement platform , 0.30% lower than its previous close at 1,301.8.
** In offshore trading, the won was quoted at 1,305.2 per dollar, down 0.7% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,301.2.
** The KOSPI has risen 5.75% so far this year, but lost 3.0% in the previous 30 trading sessions.
** The won has lost 3.2% against the dollar so far this year.
** In money and debt markets, March futures on three-year treasury bonds rose 0.41 point to 104.76.
** The most liquid three-year Korean treasury bond yield fell by 11.0 basis points to 3.322%, while the benchmark 10-year yield fell by 8.4 basis points to 3.314%. ($1 = 1,305.1300 won) (Reporting by Choonsik Yoo; Editing by Subhranshu Sahu)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.