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South Korean shares slide nearly 3% as tech selloff deepens; won strengthens

By · Published by Everything Blog

In short

The benchmark index faced broad-based pressure as foreign investors unloaded over 800 billion won in equities, easily outpacing advancing issues. Semiconductor leaders Samsung Electronics and SK Hynix absorbed steep declines alongside automakers and battery producers, though drugmaker Samsung BioLogics managed to gain ground. Meanwhile, a steep drop of more than 7% in crude oil prices failed to lift market sentiment, even as government bond yields edged down across both three-year and ten-year maturities.

Key points

  • The broader market downturn was triggered by tech earnings concerns that originated on Wa…: The broader market downturn was triggered by tech earnings concerns that originated on Wall Street.
  • Bucking the widespread selloff across heavyweights, Samsung BioLogics advanced 2.18% duri…: Bucking the widespread selloff across heavyweights, Samsung BioLogics advanced 2.18% during the trading day.
  • The South Korean won appreciated 0.39% against the U.S. dollar, extending its year-to-dat…: The South Korean won appreciated 0.39% against the U.S. dollar, extending its year-to-date gain to 7.4%.

Sources checked by our analysis pipeline: 1

The benchmark KOSPI fell 159.11 points, or 2.72%, to 5,699.97 as of 0233 GMT. Technology stocks led the decline, with chipmakers Samsung Electronics and SK Hynix falling 3.17% and 4.14%, respectively.

Read more: Global Market Today: Asian stocks slide as US chip selloff deepens

Other heavyweight stocks also traded lower. Battery maker LG Energy Solution declined 3.51%, while Hyundai Motor shed 3.57% and Kia Corp lost 1.25%. Steelmaker POSCO Holdings dropped 5.65%, while drugmaker Samsung BioLogics bucked the trend, rising 2.18%.

The weakness in Seoul mirrored losses on Wall Street, where US stocks edged lower as concerns over technology sector earnings weighed on investor sentiment. The S&P 500 slipped 0.5%, despite data indicating an improvement in US manufacturing activity in October, supported by strong domestic demand, Reuters reported.

Read more: US stocks today: Nasdaq ends over 1% lower as AI worries persist

The technology-led selloff overshadowed positive global market cues from the energy market. Oil prices plunged more than 7% on Monday after discussions between Iranian and Qatari officials raised hopes of diplomatic progress towards ending the US-Israeli war with…

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