South Korean shares fall 2.14% as KOSPI heads for a second weekly decline

South Korean shares fell 2.14% on Friday, with the KOSPI down 118.59 points at 5,415.18 as of 7:08 AM IST, Reuters market data showed. The index was heading for a second straight weekly decline as selling in artificial-intelligence-related shares spread across global markets, Reuters reported.

South Korean shares fall to 5,415.18 on Friday

Reuters market data showed the KOSPI fell 2.14%, or 118.59 points, to a level of 5,415.18 as of 7:08 AM IST.

793 decliners and 589.3 billion won in foreign sales
Foreign investors sold more South Korean shares than they bought, with the net sales totaling 589.3 billion won, according to the data from Reuters. Out of 912 stocks that were traded, 793 stocks declined while 95 stocks advanced.

Samsung BioLogics rises 6.47% as major shares fall

South Korea’s largest companies by market value were lower today: Samsung Electronics fell 2.80%, SK Hynix fell 0.57%, and LG Energy Solution fell 1.79%, according to Reuters market data.

Hyundai Motor declined 3.81%, Kia Corp fell 2.85% and POSCO Holdings shed 3.50%. Against these moves, Samsung BioLogics rose 6.47%, Reuters market data showed.

The won strengthens as Korean Treasury yields fall

The won strengthened onshore to 1,322.6 per dollar from its previous close of 1,326.5, a rise of 0.29%, Reuters reported.

The yield on the most liquid three-year Korean Treasury bond fell 6.6 basis points to 3.774%, while the benchmark 10-year yield declined 7.1 basis points to 4.073%, Reuters reported.

December futures on three-year Treasury bonds rose 0.21 points to 103.29, according to Reuters.

Tesla and Meta earnings preceded global artificial-intelligence selling

The Friday session left the KOSPI heading towards its second consecutive weekly decline, Reuters reported. Growth stocks came under pressure after earnings from Tesla and Meta failed to ease concerns about artificial intelligence.

A recovery in oil prices added to market uncertainty, Reuters reported.

KOSPI remains up 28.50% this year

The KOSPI had gained 28.50% so far this year, according to Reuters. The won had appreciated 8.8% against the dollar.