South Korea shares to log second weekly decline

SEOUL: Round-up of South Korean financial markets: South Korean shares fell on Friday and were set to log a second weekly decline as the hype about the artificial intelligence trade following Nvidia Corp. ‘s outlook waned while investors stayed cautious ahead of the Federal Reserve’s Jackson Hole event. The won strengthened, while the benchmark bond yield rose. The benchmark KOSPI was down 74. 15 points, or 1. 07%, at 6, 838. 22 as of 02: 09 GMT. For the week, the index is down 1%. Nvidia’s second-quarter revenue more than doubled to $96. 22 billion, beating estimates of $92. 17 billion. Federal Reserve officials shared on Thursday their ongoing concerns about the US inflation landscape, as central bankers gathered in Jackson Hole, Wyoming, for the Kansas City Fed’s closely watched annual economic symposium. Among index heavyweights, chipmaker Samsung Electronics fell 2. 26%, while peer SK Hynix lost 1. 45%. Battery maker LG Energy Solution slid 0. 81%. Hyundai Motor and sister automaker Kia Corp were up 0. 25% and up 0. 63%, respectively. Steelmaker POSCO Holdings shed 1. 62%, while drugmaker Samsung BioLogics fell 4. 74%. Of the total 909 traded issues, 382 shares advanced, while 479 declined. Foreigners were net sellers of shares worth 519. 9 billion won ($377. 22 million). The won was quoted at 1, 377. 4 per dollar on the onshore settlement platform, 0. 30% higher than its previous close at 1, 381. 5. The KOSPI has risen 62. 27% so far this year. The won has strengthened 4. 5% against the dollar so far this year. In money and debt markets, September futures on three-year treasury bonds lost 0. 13 point to 103. 38. The most liquid three-year Korean treasury bond yield rose by 3. 3 basis points to 3. 787%, while the benchmark 10-year yield rose by 4. 6 basis points to 4. 298%.

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