South Korean shares fall as chip, pharma stocks drag

Mint

a day ago

KOSPI falls, foreigners net sellers
Korean won weakens against dollar
South Korea benchmark bond yield steady
SEOUL, - Round-up of South Korean financial markets:
** South Korean shares fell on Wednesday as chip and pharma stocks dropped on U.S. President Donald Trump's tariff threats.
** The benchmark KOSPI lost 14.11 points, or 0.44%, at 3,183.89 as of 0103 GMT.
** On Tuesday, Trump said the U.S. would begin with a "small tariff" on pharmaceutical imports and increase it in a year or so. He also signalled that tariffs on semiconductors will be announced within the "next week or so".
** South Korea will prepare measures to help companies cope with higher tariffs and expand into new markets, the country's finance ministry said on Tuesday, as it kicked off a task force to prepare the new administration's economic policy plans.
** Chipmaker Samsung Electronics fell 2.00% and peer SK Hynix lost 1.90% after the Philadelphia Semiconductor Index dropped 1.12% overnight.
** Drugmaker Samsung BioLogics slipped 2.09%, while peer Celltrion shed 0.56%.
** Most other manufacturing heavyweights rose. Battery maker LG Energy Solution added 0.39% and Hyundai Motor gained 0.24%. Steelmaker POSCO Holdings was up 0.67%.
** Of the total 934 traded issues, 604 advanced, while 275 declined.
** Foreigners were net sellers of shares worth 237.5 billion won .
** The won was quoted at 1,389.4 per dollar on the onshore settlement platform, 0.22% lower than Tuesday's close of 1,386.3.
** In money and debt markets, September futures on three-year treasury bonds were unchanged at 107.38.
** The most liquid three-year Korean treasury bond yield rose 0.3 basis point to 2.430%, while the benchmark 10-year yield fell 0.9 basis point to 2.757%.
This article was generated from an automated news agency feed without modifications to text.