Categories: World

South Korean shares slide over 2% as US-China trade tensions resurface

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TDG Syndication

* KOSPI falls, foreigners net sellers * Korean won steady against dollar * South Korea benchmark bond yield falls SEOUL, Oct 13 (Reuters) - Round-up of South Korean financial markets: ** South Korea's shares fell more than 2% on Monday, weighed down by renewed trade tensions between the United States and China, the country's two largest trading partners, which reignited concerns over global economic stability. ** The benchmark KOSPI was down 40.87 points, or 1.13%, at 3,569.73, as of 0114 GMT, after having dropped 2.44% earlier in the session. ** U.S. President Donald Trump threatened on Friday to introduce high tariffs against China, a move that added to investor concerns after Beijing announced measures to tighten control its critical mineral exports. ** Trump later struck a more reassuring tone, saying "everything would be fine." ** U.S. stock futures climbed more than 1% during Asian hours on Monday, rebounding after a sharp selloff on Friday. ** South Korea's exports in the first 10 days of this month fell 15.2% from year-ago levels, according to data. ** Among index heavyweights, chipmaker Samsung Electronics fell 2.12% and peer SK Hynix lost 3.74%, dragging the benchmark index lower, after a recent rally surrounding optimism over artificial intelligence tools. ** Samsung Electronics is expected to post its highest third-quarter profit since 2022, driven by higher memory chip prices supported by server demand as customers rebuild inventories, analysts' estimates showed. ** LG Energy Solution climbed 0.97% after the battery maker estimated a jump in profit. ** Hyundai Motor and sister automaker Kia Corp were up 0.23% and 0.80%, respectively. Steelmaker POSCO Holdings added 2.66%, while drugmaker Samsung BioLogics rose 0.10%. ** Of the total 930 traded issues, 235 shares advanced, while 653 declined. ** Foreigners were net sellers of shares worth 432.8 billion won ($303.36 million). ** The won was steady at 1,427.0 per dollar on the onshore settlement platform. ** The most liquid three-year Korean treasury bond yield fell by 1.7 basis points to 2.569%, while the benchmark 10-year yield fell by 2.7 basis points to 2.931%. ($1 = 1,426.7000 won) (Reporting by Jihoon Lee; Editing by Sherry Jacob-Phillips) (The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)
TDG Syndication
Published by TDG Syndication