SEOUL - South Korean stocks witnessed a downturn in late Tuesday morning trading, primarily driven by losses in the technology sector. The benchmark Korea Composite Stock Price Index (KOSPI) fell by 0.35 percent.
According to Yonhap News Agency, As of 11:20 a.m., the KOSPI had dropped 8.87 points, reaching 2,497.74. The decline in local shares followed global market trends, as investors reacted to overnight losses on Wall Street. The S&P 500 retreated by 0.54 percent, while the Dow Jones Industrial Average and the tech-centric Nasdaq Composite fell by 0.11 percent and 0.84 percent, respectively.
In the South Korean market, key technology stocks experienced notable declines. Samsung Electronics saw a 1.38 percent decrease, and SK hynix, the country's second-largest chipmaker, plunged over 3.5 percent.
The battery sector showed mixed results, with industry leaders LG Energy Solution and Samsung SDI witnessing marginal gains of 0.47 percent and 0.68 percent. However, POSCO Future M experienced a significant drop of 3.16 percent.
In the automotive industry, top automaker Hyundai Motor fell by 0.33 percent, while Kia maintained its previous level. Internet portal operator Naver, on the other hand, gained 1.66 percent.
The Korean won also weakened against the U.S. dollar, trading at 1,311.70 won as of 11:20 a.m., a decrease of 7.7 won from the previous session's close.
SEOUL - The Korea Interbank Offered Rates (KORIBOR) were reported by Yonhap Infomax, the financial news and information arm of Yonhap News Agency, at 11:00 a.m. today, showing a steady trend in short-term and mid-term lending rates.According to Yonhap News Agency, the latest figures, the rates remained unchanged for most terms compared to the previous session. The 1-week rate held steady at 3.50 percent, identical to its previous value. Similarly, the 1-month and 2-month rates remained constant at 3.68 percent and 3.81 percent, respectively.
There was a slight decrease in the 3-month and 6-month rates, with the 3-month rate dropping from 3.97 percent to 3.96 percent, and the 6-month rate declining from 4.01 percent to an even 4.00 percent. The 12-month rate also saw a minor decrease, settling at 3.96 percent, down from the previous session's 3.97 percent.
These rates are closely watched as they influence various financial products and services in South Korea, including mortgages and loans.