3 hrs ago
Seoul Stocks Fall Again as Oil Prices Fuel Inflation Worries
South Korean stocks fell for the second day in a row on Tuesday.
Investors were worried that rising oil prices could make inflation worse.
They were also concerned because U.S. government bond yields increased.
Tensions involving the United States and Iran helped push oil prices higher.
Foreign investors sold many South Korean shares.
Some major companies, including Hyundai Motor and LG Energy Solution, lost value.
Samsung Electronics gained, while SK hynix changed very little.
The Korean won became slightly stronger against the U.S. dollar.
Government bond yields in South Korea moved lower.
The KOSPI fell 18.93 points, or 0.27 percent, to 6,870.81 on Tuesday, extending losses to a second session.
Rising oil prices and higher U.S. Treasury yields weakened investor sentiment amid renewed Middle East tensions.
Foreign investors sold a net 2.9 trillion won, while individuals and institutions were net buyers.
Hyundai Motor and LG Energy Solution declined, while Samsung Electronics gained and SK hynix edged lower.
The Korean won strengthened to 1,356.7 won per U.S. dollar, while South Korean government bond yields fell.
- Who
- South Korean companies, foreign investors, individuals, institutions, and currency and bond traders.
- What
- The Korea Composite Stock Price Index fell 0.27 percent for its second consecutive losing session.
- Where
- Seoul, South Korea, with global market influences from the United States and Middle East.
- When
- Tuesday; the won was quoted at 3:30 p.m.
- Why
- Rising oil prices increased inflation concerns, while higher U.S. Treasury yields reduced investor risk appetite amid Middle East tensions.
Key facts
- KOSPI close
- 6,870.81, down 18.93 points or 0.27 percent
- Foreign investor activity
- Net selling of 2.9 trillion won
- Trading value
- 17.99 trillion won, or about US$13.26 billion
- Market breadth
- 622 decliners versus 231 advancers
- Currency
- The Korean won strengthened 3.2 won to 1,356.7 per U.S. dollar
- Major stock moves
- Samsung Electronics rose 0.93 percent; Hyundai Motor fell 1.27 percent; LG Energy Solution fell 3.16 percent
- South Korean bond yields
- Three-year yields fell 4.3 basis points to 4.076 percent; five-year yields fell 6.9 basis points to 4.276 percent
Quotes
Lee Kyoung-min
Analyst at Daishin Securities
“The local stock market was bearish as rising U.S. Treasury yields weighed on investor sentiment, while renewed gains in global oil prices further dampened risk appetite.”
thehansindia.com
Sources
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