S.Korean shares fall from their highest level in 26 months as the value of e-commerce companies falls

SEOUL: South Korean Financial Markets Summary:

South Korean shares fell on Monday, with e-commerce companies cutting the benchmark index from its highest level in 26 months, and investors remained cautious ahead of key economic indicators due at the end of the week.

The benchmark KOSPI fell 7.40 points, or 0.27%, to 2,751.02 at 1:44 GMT, after hitting its highest level since April 5, 2022 in the previous session.

Analysts say US economic data, such as retail sales, will be the most closely watched factor influencing the market this week. On the domestic front, South Korea will release its 20-day export data on Friday.

Search engine Naver and instant messenger Kakao fell 1.94% and 2.73% respectively, making the services sector the worst-falling sub-index.

Chipmaker Samsung Electronics fell 1.26%, but peer SK Hynix gained 1.81% and battery maker LG Energy Solution fell 2.15%.

Hyundai Motor gained 4.48% following the decision to list its Indian unit in Mumbai. Sister automaker Kia Corp gained 3.26%.

Of the total 927 issues outstanding, 382 shares appreciated and 480 shares declined.

Foreigners net sold shares on the main board worth 87.2 billion won ($63.18 million).

The won was trading at 1,380.7 per dollar on the onshore settlement platform, 0.10% lower than its previous close of 1,379.3.

On the money and debt markets, June contracts for 3-year treasury bonds increased by 0.09 points. to 105.02.

The yield on the most liquid three-year Korean government bond fell 4.4 basis points to 3.209%, while the yield on the benchmark 10-year government bond fell 3.7 basis points to 3.274%. – Reuters