South Korean shares log longest falling streak so far this year

Kitco Media
By Reuters
Published:
Updated:
Reuters



*


KOSPI falls for fifth straight session

*


Korean won weakens against dollar

*


South Korea benchmark bond yield falls

*


For the midday report, please click SEOUL, April 26 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares fell for a fifth straight session on Wednesday, logging their longest losing streak since late December, as global banking worries re-emerged and offset heavyweights' gains on earnings boost.
** The Korean won weakened, while the benchmark bond yield fell.
** The benchmark KOSPI ended down 4.19 points, or 0.17%, at 2,484.83, marking its lowest closing level since April 6.
** "There was some caution as U.S. regional bank noises reappeared externally, while investors also awaited the outcome of the U.S.-South Korea summit," said analyst Choi Yoo-june at Shinhan Securities.
** SK Hynix Inc jumped 2.22% as the chipmaker expected market conditions to improve from the second half of this year due to production cuts, although it posted a record first-quarter operating loss. Bigger rival Samsung Electronics rose 0.79%.
** LG Energy Solution Ltd climbed 2.90% as its quarterly profit more than doubled on benefits from U.S. electric-vehicle subsidies.
** Online platform giants Naver and Kakao rose 1.07% and 0.89%, respectively, tracking U.S. stock futures' gains on robust earnings of U.S. big techs.
** LG Display Co Ltd dropped 2.22% as the display panel maker reported a fourth straight quarterly loss that trailed estimates.
** Seoul Citi Gas Co Ltd , Daesung Holdings Co Ltd and Samchully Co Ltd fell by nearly 30% each to their daily lower limits for a third straight session.
** Of the total 933 issues traded, 321 shares rose.
** Foreigners were net sellers of shares worth 97.1 billion won ($72.7 million).
** The won ended onshore trade 0.31% lower at 1,336.3 per dollar, after touching a five-month low of 1,340.5.
** The most liquid three-year Korean treasury bond yield fell by 1.6 basis points to 3.247%, while the benchmark 10-year yield fell by 2.8 basis points to 3.294%. ($1 = 1,336.0700 won) (Reporting by Jihoon Lee; Editing by Varun H K)

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.