SEOUL — South Korean shares faced a downturn for the second consecutive session on Monday, driven by investors capitalizing on recent profits. Alongside the stock market, the local currency depreciated against the U.S. dollar.
According to Yonhap News Agency, the Korea Composite Stock Price Index (KOSPI) decreased by 10.99 points, or 0.4 percent, ending the day at 2,737.57. The trading volume reached a moderate level with approximately 479.9 million shares exchanged, valued at around 9.78 trillion won ($7.23 billion). The market saw more losers than winners, with 527 stocks declining and 336 advancing.
The downward movement was led by foreign and institutional investors who sold off a combined total of 331.6 billion won in local shares. Conversely, individual investors engaged in buying, acquiring a net total of 330.3 billion won in shares. This selling pressure comes after the KOSPI reached a near two-year high last Thursday, fuelled by optimism regarding potential U.S. interest rate cuts.
Sector-specific impacts were noted by Lee Jae-won, an analyst from Shinhan Securities. Semiconductor, automobile, and financial sectors, which were primarily responsible for the previous week’s rally, experienced significant sell-offs due to profit-taking. However, this was partially offset by gains in biotechnology and entertainment shares.
In detail, leading companies experienced notable declines: Samsung Electronics saw a decrease of 0.89 percent, SK hynix fell by 0.24 percent, Hyundai Motor dropped by 1.64 percent, and Kia Motors saw a decline of 1.24 percent. Additionally, KB Financial Group saw a significant drop of 3.87 percent, and Hyundai Marine & Fire Insurance decreased by 1.63 percent.
On the positive side, the battery sector saw some advancement with LG Energy Solution climbing by 0.24 percent and POSCO Future M increasing by 0.63 percent. In the entertainment and biotech sectors, notable gains were observed with Hybe, the record label behind BTS, rising by 5.72 percent, and leading biotech firm Celltrion increasing by 0.37 percent.
In currency markets, the won closed at 1,342.1 against the U.S. dollar, marking a decrease of 3.7 won from the previous session. Bond prices dropped, correlating with an increase in yields; the yield on three-year Treasurys went up by 0.6 basis point to 3.290 percent, and the yield on five-year government bonds rose by 1.4 basis points to 3.331 percent.
SEOUL — South Korean bond yields experienced varying levels of change on March 25, 2024, according to the latest financial reports. The adjustments come amid evolving economic circumstances and market speculation within the country.According to Yonhap News Agency, the one-year Treasury Bill (TB) yield increased slightly by 0.7 basis points, settling at 3.328 percent from the previous session's 3.321 percent. Conversely, the two-year Treasury Bill saw a decrease of 2.2 basis points, marking a new yield of 3.313 percent compared to the former 3.335 percent. The three-year Treasury Bill experienced a minor increase of 0.6 basis points, ending at 3.290 percent from 3.284 percent, while the ten-year Treasury Bill rose by 0.8 basis points to 3.370 percent from 3.362 percent.
The two-year Municipal Solid Bond (MSB) remained unchanged, maintaining its yield at 3.352 percent. Meanwhile, the three-year Corporate Bond (CB) rated AA- decreased slightly by 0.3 basis points, moving to 3.915 percent from 3.918 percent. Additionally, the yield on the 91-day Certificate of Deposit (CD) remained steady at 3.650 percent.
These movements in bond yields are indicative of the current financial landscape in South Korea, reflecting the market's response to internal and external economic factors.
SEOUL — Hanwha Ocean Co. has clinched an order valued at 2.4 trillion won ($1.8 billion) to construct eight liquefied natural gas (LNG) carriers, positioning itself as the world’s third-largest shipbuilder in terms of order backlog. The vessels are to be constructed at the company’s facilities on Geoje Island, situated 330 kilometers south of Seoul, with a delivery deadline set for January 2028.According to Yonhap News Agency, while the client’s name remains undisclosed, this recent acquisition elevates Hanwha Ocean's total ship orders for the year to $2.35 billion, following a successful order book totaling $4.1 billion in 2023. As of December, the shipbuilder reported an order backlog of $28.1 billion, ensuring substantial workload for its shipyard for the upcoming three years. The company, previously known as Daewoo Shipbuilding and Marine Engineering Co., transitioned into Hanwha Group’s shipbuilding division in May of the previous year.