South Korean shares fall on financials, US trade caution
Korean won strengthens against dollar
South Korea benchmark bond yield falls
SEOUL, - Round-up of South Korean financial markets:
** South Korean shares dropped on Friday, weighed down by dour performances among financials, as investors remained on the sidelines ahead of fresh signals on U.S. trade discussions.
** The benchmark KOSPI was down 17.96 points, or 0.56%, at 3,174.33, as of 0211 GMT.
** The KOSPI is poised to end the week largely flat, if the current momentum holds.
** "There is resistance around the 3,200 level of the previous high," Kiwoom Securities analysts said in a note.
** U.S. President Donald Trump's latest U.S. tariff threats kept investors on edge, with South Korea facing 25% duties if no deal is reached by August 1.
** Securities firms dropped 3.19% and the financials' sub-index lost 1.76%, retreating after recent gains on optimism over President Lee Jae Myung's market reform agenda.
** Earlier this week, South Korea adopted a revision to its Commercial Act and launched a task force aimed at securing developed market status from a global index provider, in a bid to tackle the undervaluation of local stocks versus global peers.
** Shares of KB Financial Group, Shinhan Financial Group and Woori Financial Group < 316140.KS> dropped more than 1% each.
** Among other index heavyweights, chipmaker Samsung Electronics was trading flat, while peer SK Hynix edged 0.19% higher. Shares of battery maker LG Energy Solution climbed 1.26%.
** Hyundai Motor and sister automaker Kia Corp were down 0.71% and 0.3%, respectively. Steelmaker POSCO Holdings added 1.63%, while drugmaker Samsung BioLogics lost 1.68%.
** Of the total 933 traded issues, 202 shares advanced, while 689 declined.
** Foreigners were net sellers of shares worth 41.6 billion won .
** The won was quoted at 1,391.1 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,392.2.
** In money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.14.
** The most liquid three-year Korean treasury bond yield fell by 0.3 basis point to 2.477%, while the benchmark 10-year yield fell 2.3 basis points to 2.881%.
This article was generated from an automated news agency feed without modifications to text.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
23 minutes ago
- Mint
Bitcoin price edges up, Altcoins gain. What next for crypto after the Genius Act.
Next Story Adam Clark , Barrons Bitcoin was rising after the signing of the Genius Act but Ether, XRP and Solana looked to be bigger beneficiaries. The market valuation of all cryptocurrencies briefly surpassed $4 trillion last week. (AFP via Getty Images) Gift this article Bitcoin was rising slightly early on Monday but other cryptocurrencies were recording stronger gains. Crypto-related legislation looks to be fueling a rotation into other digital currencies which could be more immediate beneficiaries of the new laws. Bitcoin was rising slightly early on Monday but other cryptocurrencies were recording stronger gains. Crypto-related legislation looks to be fueling a rotation into other digital currencies which could be more immediate beneficiaries of the new laws. Bitcoin's price was up 1% the past 24 hours at around $119,194. The world's largest cryptocurrency hit a record high of $123,166 last week amid excitement over 'Crypto Week" as multiple pieces of crypto-related legislation made their way through Congress. Several large altcoins were rising. Ether gained 3.5%, XRP climbed 3.1%. Solana was rising 6.3%, while memecoin Dogecoin surged 8.7%. President Donald Trump signed the Genius Act into law on Friday, establishing a framework for federal regulation of so-called stablecoins, whose prices are pegged to a real currency like the dollar. The bill requires issuers to maintain one to one reserves in U.S. dollars or Treasuries and bans interest-bearing stablecoins. 'The GENIUS Act's ban on yield-bearing stablecoins is driving institutional interest into Ethereum, which largely provides the network for stablecoins," wrote Deutsche Bank analyst Marion Laboure in a research note on Monday. However, arguably the more important piece of legislation is the Clarity Act, which addresses the question of whether cryptos are commodities or securities, and what regulator would oversee them. While it was approved by the House on Thursday, it still needs to pass the Senate. Whether Bitcoin can achieve further gains is likely to depend on the apparent progress of the Clarity Act through the Senate before the August recess. However, it could also receive a boost Tuesday, when a president's working group makes policy recommendations that could include a proposal for a strategic reserve of Bitcoin. Topics You May Be Interested In Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Economic Times
an hour ago
- Economic Times
Figma aims at $13.7 billion valuation as tech IPOs bounce back
Figma is targeting a valuation of $13.65 billion in its U.S. initial public offering, as the cloud-based design software firm prepares for a debut that could inject fresh momentum into a tech listings market already roaring back to San Francisco-based company, along with some investors, is eyeing proceeds of up to $1.03 billion through a sale of nearly 37 million shares priced between $25 and $28 each, it said on Monday. The listing could be a major milestone for Figma, coming more than a year after its $20 billion sale to Adobe was terminated due to regulatory hurdles in Europe and the UK. While investors have been eager for new share sales for months, the uncertainty sparked by President Donald Trump's tariffs kept a major recovery in an equities rally and a bunch of strong debuts recently are helping lift the overhang. Figma will start trading close on the heels of stablecoin giant Circle, which debuted with eye-popping gains last month and has continued surging a major technology player that appears supportive of bitcoin, Figma has already draw attention on social media company had around $70 million invested in Bitwise's bitcoin exchange-traded fund as of March 31 and intends to allocate a further $30 million to bitcoin, its filing is a cloud-based design platform that allows users to collaboratively create and edit apps, websites and software customers include ServiceNow, Workday and SAP. Its revenue rose 46% in the first three months of 2025, while net income jumped three-fold."Figma's product is its primary marketing engine. Its collaborative nature fosters viral, bottoms-up adoption, leading to a best-in-class sales efficiency," said Tomasz Tunguz, founder of venture capital firm Theory company has also signaled it may take "big swings" with M&A, with co-founder and CEO Dylan Field saying it is prepared to "make decisions that may not seem immediately rational." Figma expects to list on the New York Stock Exchange under the symbol "FIG". Morgan Stanley, Goldman Sachs, Allen & Co and J.P. Morgan are among the underwriters for the offering. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Paid less than plumbers? The real story of freshers' salaries at Infy, TCS. What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR? As deposit ground slips under PSU banks' feet, they chase the wealthy If data is the new oil, are data centres the smokestacks of the digital age? Stock Radar: M&M likely to break out from 1-year consolidation range; time to buy? Will consumer stocks see a comeback this festive season? 12 stocks to keep an eye on even when analysts are not bullish Don't fear volatility, focus on businesses: 5 mid-cap stocks from different sectors with upside potential of up to 27% Best way to deal with volatility, just ' Hold' for wealth creation: 7 large-cap stocks with an upside potential of up to 41%
Economic Times
an hour ago
- Economic Times
Rupee weakens slightly, broad dollar softness cushions pressure
The Indian rupee logged a modest decline on Monday, pressured by dollar bids from foreign and local private banks, though broad-based weakness in the greenback helped the local currency limit further losses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Indian rupee logged a modest decline on Monday, pressured by dollar bids from foreign and local private banks, though broad-based weakness in the greenback helped the local currency limit further rupee closed at 86.2925 against the U.S. dollar, down about 0.2% on the day, after touching a near one-month low of 86.35 earlier in the currencies were flat-to-slightly higher, while the dollar index declined by nearly 0.2% to Indian rupee and the Indonesian rupiah are among the few regional currencies nursing losses on the year so far, even as their peers, such as the Taiwan dollar and the Korean won, have climbed over 11% and 6%, portfolio flows, India's external investment deficit and likely FX reserve accumulation by the Reserve Bank of India are among the reasons cited by analysts for rupee's lacklustre performance this the day, price action appeared to indicate modest outflows but dollar-buying pressure eased in the latter half of the session, helping the rupee trim its losses, a trader at a private bank benchmark equity indexes, the BSE Sensex and Nifty 50, closed higher by about 0.5% each on the day, while the benchmark 10-year bond yield was last quoted slightly lower at 6.2986%.In the near term, focus will be on developments on two fronts: how U.S. economic data impact expectations of rate cuts and news surrounding U.S.-India trade negotiations ahead of the August 1 deadline for higher U.S. tariffs to take effect."We maintain our view that slower growth, profit margin compression and export price reduction will contain the impact of tariffs, and that a slower economy will justify the Fed resuming rate cuts in September," ANZ said in a Monday note.
