Auto, battery manufacturers lower the KOSPI
The Korean won strengthens against the US dollar
South Korea benchmark bond yield drops
SEOUL, Sept 30 (Reuters) – Overview of South Korea’s financial markets:
** South Korean stocks fell on Friday, their first in three monthly losses, as auto and battery stocks followed a slump from their U.S. counterparts on concerns of a global economic slowdown and demand weaker.
** The Korean won strengthened, while the benchmark bond yield fell after South Korea was added to the watch list for inclusion in the World Government Bond Index (WGBI). FTSE Russell.
** The KOSPI was down 11.40 points, or 0.53%, at 2,159.53, at 0140 GMT. Earlier in the session, the index fell 1.67% to the lowest intraday level since early July 2020.
** The benchmark was expected to end the week with a loss of more than 5%, the largest since mid-June, and a 12% drop for the month.
** South Korean President Yoon Suk-yeol on Friday called for more urgency in the face of heightened financial market volatility.
** The main losses were automakers and manufacturers of electric vehicle batteries. Shares of Hyundai Motor and Kia Corp fell 2.48% and 2.82% respectively, while LG Energy Solution fell 2.84%, Samsung SDI 3.36% and SK Innovation 1.71% .
** Electric vehicle stocks fell on Wall Street overnight, with Tesla
** “Still, chip stocks held up well despite the downbeat earnings announcement from Micron Technology, capping the index’s losses,” said Seo Sang-young, an analyst at Mirae Asset Securities.
** The won was quoted at 1,434.0 to the dollar on the onshore settlement platform
** The currency has weakened 1.5% so far this week, the eighth straight, and 6.5% for the month, the largest in 11 years.
** In money and debt markets, December futures on three-year Treasury bills
** FTSE Russell, a global index provider, said on Thursday it had added South Korea to a watchlist for potential inclusion in its global government bond index.
** The most liquid Korean 3-year treasury yield fell 7.9 basis points to 4.244%, while the benchmark 10-year yield fell 9.9 basis points to 4.128%.
($1 = 1,433.1500 won) (Reporting by Jihoon Lee; Editing by Sherry Jacob-Phillips) ((firstname.lastname@example.org;)) Keywords: SOUTH KOREA MARKETS/MIDDAY
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