South Korean shares set to post weekly loss on hawkish Fed

Kakao

20/12/2024 03:47

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      KOSPI falls, foreigners net sellers
    

        * 
      Korean won weakens against dollar
    

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      South Korea benchmark bond yield rises
    

  
       SEOUL, Dec 20 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares fell for a second straight session on
Friday and were set to end the week lower after the U.S. Federal
Reserve indicated a slower pace of cuts in interest rates. 
    ** The won weakened, while the benchmark bond yield rose.
    ** The benchmark KOSPI  .KS11  was down 32.33 points, or
1.33%, at 2,403.60 as of 0328 GMT, after a drop of 2% on
Thursday.
    ** For the week, the index was down 3.6%, set to post its
worst weekly performance since mid-November. 
    ** The U.S. economy grew faster than previously estimated in
the third quarter, driven by robust consumer spending, data
showed on Thursday, a day after the Federal Reserve projected
only two rate reductions in 2025, citing the economy's continued
resilience and still-high inflation.
    ** Among index heavyweights, chipmaker Samsung Electronics
 005930.KS  fell 1.51% and peer SK Hynix  000660.KS  lost 3.43%,
while battery maker LG Energy Solution  373220.KS  slid 1.34%.
    ** Hyundai Motor  005380.KS  shed 1.89% and sister automaker
Kia Corp  000270.KS  lost 0.40%, while search engine Naver
 035420.KS  and instant messenger Kakao  035720.KS  were up
0.24% and down 0.85%, respectively.
    ** Of the total 938 traded issues, 162 shares advanced,
while 737 declined.
    ** Foreigners were net sellers of shares worth 516.6 billion
won ($356.3 million).
    ** The won was quoted at 1,449.1 per dollar on the onshore
settlement platform  KRW=KFTC , 0.12% lower than its previous
close at 1,447.3.
    ** South Korea's financial authorities said on Friday they
would loosen foreign exchange regulations to improve liquidity
conditions in the currency market, as the won traded at a
15-year low.
    ** In money and debt markets, March futures on three-year
treasury bonds  KTBc1  fell 0.10 point to 106.75.
    ** The most liquid three-year Korean treasury bond yield
 KR3YT=RR  rose by 0.8 basis points to 2.614%, while the
benchmark 10-year yield  KR10YT=RR  advanced by 4.2 basis points
to 2.849%.

($1 = 1,449.8700 won)

 (Reporting by Jihoon Lee; Editing by Sonia Cheema)
 ((jihoon.lee@thomsonreuters.com;))