Battery makers pull South Korean shares lower on profit-taking; set for weekly gain

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI falls, foreigners net sellers

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Korean won weakens against dollar

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South Korea benchmark bond yield falls


SEOUL, March 24 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares fell on Friday dragged down by battery makers on profit-taking, but were set to end the week higher as worries eased over global banking troubles. The Korean won weakened, while the benchmark bond yield fell.
** The benchmark KOSPI fell 20.50 points, or 0.85%, to 2,403.98 as of 0117 GMT, after a three-session rally that lifted it to a two-week high.
** The KOSPI was up 0.4% for the week, after a 0.05% gain in the previous week.
** U.S. Treasury Secretary Janet Yellen reiterated on Thursday that she was prepared to take further action to ensure that Americans' bank deposits stay safe amid turmoil in the banking system.
** Battery makers were leading declines among the index heavyweights. LG Energy Solution fell 2.26%, its parent LG Chem lost 3.65%, while peers Samsung SDI and SK Innovation dropped 3.75% and 0.82%, respectively.
** "Investors are booking profits amid still persisting caution over the banking crisis, mainly in the sectors that are seen to be overheated," said Shinhan Securities analyst Choi Yoo-june.


** Automakers Hyundai Motor and Kia Corp fell more than 2%, each, while chipmakers Samsung Electronics and SK Hynix were flat.
** Of the total 929 issues traded, 368 shares rose.
** Foreigners were net sellers of shares worth 113.7 billion won ($88.17 million).


** The won was quoted at 1,287.3 per dollar on the onshore settlement platform , down 0.70% from the previous close at 1,278.3.


** The currency strengthened by 1.2% this week, following last week's 1.7% jump.
** In money and debt markets, June futures on three-year treasury bonds rose 0.10 points to 105.24.
** The most liquid three-year Korean treasury bond yield fell by 2.0 basis points to 3.182%, while the benchmark 10-year yield fell by 3.5 basis points to 3.227%. ($1 = 1,289.5100 won) (Reporting by Jihoon Lee; Editing by Rashmi Aich)

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