South Korean shares snap 5-week rising streak as auto, battery stocks fall

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

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For the midday report, please click SEOUL, April 21 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares fell on Friday, with the losses led by car and battery makers, and ended the week lower for the first time in 1-1/2 months.


** The Korean won weakened and recorded its worst week since mid-February, while the benchmark bond yield fell.
** The benchmark KOSPI closed down 18.71 points, or 0.73%, at 2,544.40. It fell 1.05% for the week.
** "Economic recovery hopes weakened after U.S. data came in worse than expected, and there were profit-booking sell-offs in the rechargeable battery sector," said analyst Lee Kyoung-min at Daishin Securities.


** South Korea's economy barely grew in the first quarter of 2023 after shrinking in the previous quarter, according to a Reuters poll.
** Auto and battery makers extended losses after U.S. electric vehicle giant Tesla Inc reported weaker-than-expected first-quarter results.
** Battery maker LG Energy Solution Ltd fell 1.38%, its parent LG Chem Ltd dropped 3.63%, and peers Samsung SDI Co Ltd and SK Innovation Co Ltd lost 2.00% and 1.83%, respectively.
** Hyundai Motor Co slid 1.09%, while sister automaker Kia Corp declined 0.95%.
** Among heavyweights, chipmakers and biopharmaceutical stocks rose, capping the losses on the index.
** Of the total 932 issues traded, 247 shares rose.
** Foreigners were net buyers of shares worth 276.5 billion won ($207.94 million).


** The won ended onshore trade at 1,328.2 per dollar, 0.41% lower than its previous close. The won ended the week 2.21% lower.
** In money and debt markets, June futures on three-year treasury bonds jumped 0.22 points to 104.98.
** The most liquid three-year Korean treasury bond yield fell by 6.6 basis points to 3.279%, while the benchmark 10-year yield fell by 7.2 basis points to 3.345%. ($1 = 1,329.7300 won) (Reporting by Jihoon Lee; Editing by Sohini Goswami)

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