S.Korean shares set for first weekly loss in six on weak auto, battery stocks

Kitco Media
By Reuters
Published:
Updated:
Reuters



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KOSPI falls, foreigners net buyers

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Korean won weakens against dollar

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South Korea benchmark bond yield falls


SEOUL, April 21 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares fell on Friday, led by automakers and battery manufacturers, and were set to record their first weekly loss in six.


** The Korean won weakened to face its worst week in two months, while the benchmark bond yield fell.
** The benchmark KOSPI was down 17.93 points, or 0.70%, to 2,545.18 as of 0142 GMT, and on track to end the week 1% lower.


** Auto and battery makers extended losses after U.S. electric-vehicle giant Tesla Inc reported weaker-than-expected first-quarter results.
** "There are mounting pressures to book profits for those sectors as well as worries about growth due to weak economic indicators," said Na Jeong-hwan, analyst at NH Investment and Securities.
** South Korea's economy barely grew in the first quarter after shrinking in the previous quarter, according to a Reuters poll.
** Battery maker LG Energy Solution Ltd fell 1.21%, its parent LG Chem Ltd dropped 2.63%, and peers Samsung SDI Co Ltd and SK Innovation Co Ltd lost 0.93% and 1.94%, respectively.
** Hyundai Motor Co slid 1.35%, while sister automaker Kia Corp declined 1.31%.


** Of the total 932 issues traded, only 183 shares rose.
** Foreigners were net buyers of shares worth 12.6 billion won ($9.5 million).


** The won was quoted at 1,326.7 per dollar on the onshore settlement platform , 0.29% lower than its previous close.
** The won was set to end the week more than 2% lower, which would be its worst since mid-February.


** In money and debt markets, June futures on three-year treasury bonds rose 0.10 point to 104.86.
** The most liquid three-year Korean treasury bond yield fell by 4.8 basis points (bps) to 3.297%, while the benchmark 10-year yield fell 5.7 bps to 3.360%. ($1 = 1,327.5900 won) (Reporting by Jihoon Lee; Editing by Sonia Cheema)

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