South Korean shares slip as US inflation data boosts rate-hike bets

Samsung Electronics

Today 01:09

KOSPI falls, foreigners net sellers
Korean won strengthens against dollar
South Korea benchmark bond yield rises
SEOUL, Nov 11 (Reuters) - Round-up of South Korean financial markets:
     ** South Korean shares fell on Wednesday as traders assessed concerns over the outlook for the AI trade, while hotter-than-expected US inflation data supported bets for further rate hikes. The won firmed, while the benchmark bond yield rose.
** The benchmark KOSPI .KS11 was down 17.99 points, or 0.34%, at 5,221.14, as of 0041 GMT. 
** South Korea's stock market is heavily weighted toward technology and chip companies, making it particularly sensitive to concerns about AI valuations and higher US interest rates.
** Chipmaker Samsung Electronics 005930.KS fell 0.96%, while peer SK Hynix 000660.KS lost 1.07%.
** Among other index heavyweights, battery maker LG Energy Solution 373220.KS climbed 1.51%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 1.27% and litte changed, respectively.
** US consumer prices increased more than expected in October, leaving the Federal Reserve on course to raise interest rates next month.    
** A few hours before the data was released, Fed Governor Christopher Waller said he planned to support a quarter-point increase at the Fed's December 8-9 meeting unless core CPI ​came in at 0.3% or more. 
** South Korean steelmaker POSCO Holdings 005490.KS added 1.66%, while drugmaker Samsung BioLogics 207940.KS fell 0.34%. ** Of the total 899 traded issues, 599 shares advanced, while 254 declined.
** Foreigners were net sellers of shares worth 92.8 billion won.
** The won was quoted at 1,339.5 per dollar on the onshore settlement platform KRW=KFTC, 0.37% higher than its previous close at 1,344.5.
** The KOSPI has risen 23.89% so far this year.
** The won has strengthened 7.5% against the dollar so far this year.
** In money and debt markets, December futures on three-year treasury bonds KTBc1 lost 0.19 point to 103.64.
** The most liquid three-year Korean treasury bond yield KR3YT=RR rose 5.9 basis points to 3.685%, while the benchmark 10-year yield KR10YT=RR rose 4.0 basis points to 3.891%.

 (Reporting by Cynthia Kim; Editing by Sherry Jacob-Phillips)
 ((Cynthia.Kim@thomsonreuters.com; 822 3704 5655; Reuters Messaging: cynthia.kim.thomsonreuters.com@reuters.net))