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Round-up of South Korean financial markets:
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** South Korean shares fell sharply on Friday, reversing early gains that had lifted the benchmark index to record highs, as falling chipmakers broke a five-week run of gains.
** The benchmark KOSPI closed down 488.23 points, or 6.12 percent, at 7,493.18. It ended the week 0.1 percent lower.
** The KOSPI rose as much as 0.82 percent earlier in the day to an all-time high of 8,046.78, breaching the 8,000 mark just over a week topping 7,000.
** "High bond yields triggered today's sharp losses in the overheated market," said Lee Kyoung-min, an analyst at Daishin Securities.
** The sell-off follows a prolonged rally, with the KOSPI jumping 78 percent so far this year after gaining 76 percent in 2024.
** Global bonds market ended a tough week on a weak note amid concerns that economic damage from the Iran war could drive faster-than-expected interest rate hikes and hurt growth.
** Among index heavyweights, chipmaker Samsung Electronics 005930.KS fell 8.61 percent, while peer SK Hynix 000660.KS lost 7.66 percent. Battery maker LG Energy Solution slid 5.66 percent.
** Hyundai Motor 005380.KS and sister automaker Kia fell 1.69 percent and 5.67 percent, respectively. Steelmaker POSCO Holdings shed 3.91 percent, while drugmaker Samsung BioLogics 207940.KSlost 2.07 percent.
** Of the total 903 traded issues, 165 advanced and 707 declined.
** Foreigners were net sellers of shares worth 5.6 trillion won (US$3.73 billion).
** The won was quoted 0.49 percent lower at 1,500.8 per dollar on the onshore settlement platform, hitting its weakest level since April 7.
** In the money and debt markets, June futures on three-year treasury bonds KTBc1 lost 0.37 point to 103.07.
** Bond yields hit their highest since November 2023, with the most liquid three-year yield rising 12.5 basis points to 3.777 percent and the benchmark 10-year yield rising 14.1 basis points to 4.223 percent.
Reuters
