South Korean shares fall 2.72% as technology selloff deepens and won strengthens

South Korean shares fell 2.72% on Tuesday as technology stocks led a decline in the KOSPI to 5,699.97 as of 8:03 AM IST, Reuters reported. The won strengthened 0.39% to 1,340.8 per dollar on the onshore settlement platform, while government bond yields declined.

South Korean shares fall 159.11 points to 5,699.97

The KOSPI fell 159.11 points, or 2.72%, to 5,699.97 as of 8:03 AM IST, Reuters reported.

Among 908 traded issues, 624 declined and 250 advanced, Reuters data showed.

Foreign investors were net sellers of shares worth 811.4 billion won, with the flow recorded alongside the session's negative market breadth, Reuters data showed.

The won strengthened as three-year and 10-year yields declined

The won was quoted at 1,340.8 per dollar on the onshore settlement platform, compared with 1,346.0 at the previous close, Reuters reported.

December three-year Treasury futures rose 0.09 to 103.48, Reuters reported.

South Korea’s three-year Treasury bond yields fell 2 basis points to 3.724%, while the 10-year bond yields fell 4.5 basis points to 3.997%. Bond prices rose, Reuters said.

Samsung Electronics and SK Hynix led technology losses

In Monday’s trading, Samsung Electronics dropped 3.17% and SK Hynix decreased 4.14% said Reuters.

South Korea’s main stock index fell on Monday: LG Energy Solution down 3.51%, Hyundai Motor down 3.57% and Kia Corp down 1.25%, Reuters said.

Two biggest gainers on South Korea’s stock market for the trading session today are on opposite ends of the spectrum: Samsung BioLogics (UP 2.18%) and POSCO Holdings (DOWN 5.65%). Reuters.

Losses in technology stocks in global markets reflected a decline in Seoul stocks as concerns over earnings in technology sectors of the US also hit investor sentiment, Reuters said.

S&P 500 declined 0.5% today. U.S. manufacturing activity in October came in better than expected, according to Reuters, but it wasn’t enough to get stocks to rise.

Oil prices plummeted more than 7% on Monday after talks between Iranian and Qatari officials, held in secret, triggered the hope that a diplomatic solution could be found to end the US-Israeli war with Iran and stabilize oil supplies from the Middle East, according to a Reuters report.

The KOSPI gained 35.26% this year

South Korea’s main stock index fell sharply on Tuesday but was up 35.26% on the year, Reuters writes.

The South Korean currency won appreciated by 7.4% against the U.S. dollar in the reviewed period, Reuters writes.