S.Korean shares fall for fifth straight month, longest losing run since Nov 2021
SOUTHKOREA-MARKETS/CLOSE:S.Korean shares fall for fifth straight month, longest losing run since Nov 2021
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KOSPI falls, foreigners net sellers
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Korean won little changed against US dollar
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South Korea benchmark bond yield falls
SEOUL, - Round-up of South Korean financial markets:
** South Korean shares declined nearly 2% on Friday, posting their fifth straight monthly loss, as the local central bank's rate cut raised economic slowdown worries.
** The KOSPI closed down 48.76 points, or 1.95%, at 2,455.91.
** The benchmark dropped 3.9% this month, the biggest monthly decline since January. Its five straight monthly losses is the longest losing streak since November 2021.
** The Bank of Korea delivered a surprise interest rate cut on Thursday and signalled more to come as policymakers turned a wary eye to trade risks from a second Donald Trump presidency in the U.S.
** "Bank of Korea's rate cut and downgrade in growth forecasts seriously worsened investor views about the Korean economy," said Seo Sang-young, analyst at Mirae Asset Securities.
** The central bank cut its growth forecast for 2024 to 2.2% from 2.4% and to 1.9% from 2.1% for 2025. It sees economic growth further weakening to 1.8% in 2026.
** South Korea's export growth is expected to have slowed to a 14-month low in November on slowing demand in the U.S. amid tariff policy uncertainty, according to a Reuters poll. The data will be reported on Sunday.
** Most index heavyweights slipped, especially exporters, such as chipmakers, automakers and battery firms.
** South Korea's factory output in October was flat on a monthly basis, data showed, missing market expectations.
** Foreigners net sold shares worth 748.3 billion won .
** The won was quoted at 1,394.7 per U.S. dollar on the onshore settlement platform, compared with its previous close at 1,394.5.
** The most liquid three-year Korean treasury bond yield fell 3.4 basis points to 2.601%, while the benchmark 10-year yield shed 5.1 basis points to 2.740%.
This article was generated from an automated news agency feed without modifications to text.
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Business NewsNewsWorldS.Korean shares fall for fifth straight month, longest losing run since Nov 2021
First Published:29 Nov 2024, 12:27 PM IST
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