
South Korean shares track Wall Street lower after US inflation data
South Korean shares fell on Wednesday, tracking Wall Street's losses on U.S. inflation data. The won strengthened, while the benchmark bond yield rose.
The benchmark KOSPI was down 18.13 points, or 0.56%, at 3,197.15 as of 0147 GMT, after hitting a near four-year high on Tuesday.
U.S. consumer prices increased by the most in five months in June amid higher costs for some goods, suggesting tariffs were starting to have an impact on inflation and potentially keeping the Federal Reserve on the sidelines until September.
South Korea's finance minister nominee said he would bring regulatory improvements to the foreign exchange market, according to a media report.
Among index heavyweights, chipmaker Samsung Electronics rose 0.63%, but peer SK Hynix lost 1.51%. Battery maker LG Energy Solution slid 1.18%.
Hyundai Motor and sister automaker Kia Corp were down 0.83% and 0.60%, respectively. Steelmaker POSCO Holdings shed 2.73%, while drugmaker Samsung BioLogics fell 0.19%.
South Korean shares close at near four-year high as Samsung Electronics jumps
Of the total 932 traded issues, 224 shares advanced, while 664 declined.
Foreigners were net sellers of shares worth 280.0 billion won ($201.95 million).
The won was quoted at 1,386.3 per dollar on the onshore settlement platform, 0.14% higher than its previous close at 1,388.2.
In money and debt markets, September futures on three-year treasury bonds lost 0.03 point to 107.15.
The most liquid three-year Korean treasury bond yield rose 0.9 basis point to 2.472%, while the benchmark 10-year yield rose 2.0 bps to 2.895%.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
a day ago
- Business Recorder
Iron ore dips on higher inventories
SINGAPORE: Iron ore futures prices edged lower on Friday, weighed down by a rise in Chinese port inventories and softer global steel production, although positive macroeconomic sentiment limited further losses. The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) traded 1.85% lower at 796.5 yuan ($111.20) a metric ton, as of 0339 GMT. The benchmark August iron ore on the Singapore Exchange was 1.81% lower at $103.15 a ton. Global steel production in June fell 5.8% year-on-year, while crude steel output from top producer and consumer China fell 9.2% during the same period, data from the World Steel Association showed.


Business Recorder
a day ago
- Business Recorder
Gold drops as dollar firms, trade deal hopes sap safe-haven demand
NEW YORK: Gold prices slipped on Friday, weighed down by a stronger US dollar and signs of progress in US-EU trade negotiations that dented safe-haven demand. Spot gold fell 0.7% at $3,343.69 per ounce by 9:31 a.m. ET (1331 GMT). US gold futures fell 0.8% to $3,345.20. The US dollar index rebounded from a more-than-two-week low, making bullion more expensive for overseas buyers, while benchmark 10-year US Treasury yields rose. 'The Japan deal was significant, and there's hope for a US-EU agreement before the August 1 deadline. That's sapping safe-haven demand as elevated risk appetite drives capital toward risk assets,' said Peter Grant, vice president and senior metals strategist at Zaner Metals. Following this week's US-Japan trade deal, the European Commission said a trade deal with the US is within reach, even as EU members approved counter-tariffs on US goods in case talks fail. On the data front, US jobless claims fell to a three-month low, signaling a stable labour market despite sluggish hiring. Stable labour market data is expected to give the Federal Reserve cover to hold rates steady at 4.25%-4.50% at its meeting next week, even as inflation shows signs of picking up due to US President Donald Trump's import tariffs. Trump's surprise visit to the central bank marked a fresh attempt to pressure Chair Jerome Powell, with the President again urging a deep rate cut. Gold may attract some 'buying interest probably at $3,300 level, but perhaps not breaking out to new all-time highs until after the Fed decision,' Grant said, adding that the meeting could signal rate cuts later this year. Gold typically performs well during periods of uncertainty and in low-interest-rate environments. Spot silver fell 0.4% to $38.91 per ounce, but was still on track for a weekly gain of about 2%. Platinum was 1.6% lower at $1,385.20, while palladium rose 0.2% at $1,229.94.


Business Recorder
a day ago
- Business Recorder
US natural gas prices steady
NEW YORK: US natural gas futures held steady on Friday as near-record output and lagging flows to liquefied natural gas export plants offset forecasts for near-record heat early next week. That heat should cause power generators to burn more gas to meet soaring air conditioning demand, which will likely stress regional power systems. Front-month gas futures for August delivery on the New York Mercantile Exchange were up 1.2 cents, or 0.4%, to $3.106 per million British thermal units at 12:46 p.m. EDT (1646 GMT). That small increase pushed the contract out of technically oversold territory for the first time in three days. Prices, however, were still down about 13% this week after gaining about 8% last week.