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S.Korea stocks hit 6-month lows on tech sell-off, China power crunch worries

Mark White by Mark White
September 29, 2021
in Supply Chain
0


    * KOSPI falls, foreigners net sellers
    * Korean won weakens against U.S. dollar
    * South Korea benchmark bond yield rises

    SEOUL, Sept 29 (Reuters) - Round-up of South Korean
financial markets:
    
    ** South Korean shares fell about 2% on Wednesday to hit a
six-month low, dragged down by a broad sell-off in tech shares
and worries about the potential impact of a widening power
crunch in China. The won weakened, while the benchmark bond
yield rose.
    
    ** The KOSPI         was down 59.20 points, or 1.91%, to
3,038.72 by 0204 GMT, after skidding as much as 2.17% to its
lowest since March 29. It had closed 1.14% lower on Tuesday.
    
    ** Among heavyweights, chip giants Samsung Electronics
            and SK Hynix             fell 2.75% and 3.38%,
respectively. Platform companies Naver             and Kakao
            fell 2.29% and 1.70%, respectively.
    
    ** All three major U.S. stock indexes closed sharply lower
on Tuesday, with interest rate-sensitive tech and tech-adjacent
stocks weighing the heaviest.     
    
    ** China's power supply crunch, that has shut factories
across the country, may pose a much bigger threat to the economy
than the debt crisis at Evergrande Group.             
    
    ** Foreigners were net sellers of 238.0 billion won ($201.76
million) worth of shares on the main board. 
    
    ** Foreign sell-off is the main reason behind KOSPI's
decline, with rising bond yields and worries about China's power
shortage-induced supply chain bottleneck denting investor
sentiment, said Na Jeong-hwan, an analyst at Cape Investment &
Securities.
    
    ** The won was quoted at 1,186.2 per dollar on the onshore
settlement platform           , 0.15% lower than its previous
close, after hitting its lowest intraday level since
mid-September 2020.
    
    ** In offshore trading, the won        was quoted at 1,185.7
per dollar, while in non-deliverable forward trading its
one-month contract               was quoted at 1,186.1.
    
    ** In money and debt markets, December futures on three-year
treasury bonds         fell 0.11 point to 109.18.
    
    ** The benchmark 10-year yield rose by 2.2 basis points to
2.278%.

($1 = 1,179.6200 won)

 (Reporting by Joori Roh; Additional reporting by Jihoon Lee;
Editing by Subhranshu Sahu)
  



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Mark White

Mark White

Mark White is the editor of the ProcurementNation, a Media Outlet covering supply chain and logistics issues. He joined The New York Times in 2007 as an commodities reporter, and most recently served as foreign-exchange editor in New York.

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