South Korean shares turn lower on caution over US midterm elections
South Korean shares turn lower on caution over US midterm elections SEOUL, Nov 4 (Reuters) - Round-up of South Korean financial markets:
** South Korean shares erased early gains to turn sharply lower on Wednesday, as investors took a cautious stance ahead of the US midterm election results.
** The benchmark KOSPI .KS11 was down 77.71 points, or 1.38%, at 5,571.08 as of 0154 GMT, after rising more than 2% earlier in the session.
** The KOSPI had opened the session higher, with chipmakers tracking overnight gains in US peers. .N
** Investors are now bracing for a potentially strong Democratic showing during Tuesday's midterm elections that could pave the way for greater volatility in asset prices, particularly the AI trade, which has been the main driver for stocks.
** "It is necessary to keep a close eye on changes in US stock futures, bond yields and the dollar as election results become clearer," said Seo Sang-young, an analyst at Mirae Asset Securities.
** Chipmaker Samsung Electronics 005930.KS fell 1.37% and peer SK Hynix 000660.KS lost 2.9%, erasing early gains.
** Among other index heavyweights, battery maker LG Energy Solution 373220.KS slid 4.14%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 0.9% and down 3.05%, respectively.
** Steelmaker POSCO Holdings 005490.KS shed 1.5%, while drugmaker Samsung BioLogics 207940.KS fell 2.48%.
** Of the total 908 traded issues, 229 shares advanced, while 637 declined.
** Foreigners were net sellers of shares worth 1 trillion won ($743.74 million).
** The won was quoted at 1,339.5 per dollar on the onshore settlement platform KRW=KFTC, 0.42% higher than its previous close at 1,345.1.
** In money and debt markets, December futures on three-year treasury bonds KTBc1 gained 0.14 of a point to 103.60.
** The most liquid three-year Korean treasury bond yield KR3YT=RR fell by 5.1 basis points to 3.693%, while the benchmark 10-year yield KR10YT=RR fell by 5.3 basis points to 3.949%.
($1 = 1,344.5600 won)
(Reporting by Jihoon Lee; Editing by Ronojoy Mazumdar)
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