Kospi coughs up Friday gains on chip demand woes

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Kospi coughs up Friday gains on chip demand woes

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,574.72 points on Monday, down 1.02 percent, or 26.56 points, from the previous trading session. [YONHAP]

Screens in Hana Bank's trading room in central Seoul show the Kospi closing at 2,574.72 points on Monday, down 1.02 percent, or 26.56 points, from the previous trading session. [YONHAP]

Stocks closed lower Monday on semiconductor and tech losses sprouting from weak chip demand concerns. The won rose against the dollar.
 
The benchmark Kospi lost 26.56 points, or 1.02 percent, to finish at 2,574.72, turning in Friday's gains.
 
Trading volume was moderate at 408.4 million shares worth 8.6 trillion won ($6.5 billion), with decliners outpacing winners 548 to 330.
 

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Offshore investors sold a net 366.6 billion won worth of local shares, while individuals scooped up a net 391.9 billion won.
 
“A rise in U.S. government bond rates, a drop in chip shares and foreign selling weighed heavily on the Korean stock market,” Mirae Asset Securities analyst Kim Seok-hwan said.
 
“In particular, the Kospi extended its losses due to a slump in shares like Samsung Electronics and SK hynix.”
 
Taiwan's TSMC, the world's largest chipmaker, reportedly told its vendors to delay the delivery of chipmaking materials on concerns over a weak global chip demand, Reuters reported Friday.
 
In Seoul, most large-cap stocks drove the bourse down.
 
Samsung Electronics tumbled 2.5 percent to 70,200 won and SK hynix sank 2.8 percent to 119,000 won.
 
LG Energy Solution fell 1.4 percent to 507,000 won and Samsung SDI dropped 2.4 pecrent to 567,000 won. LG Chem remained flat at 573,000 won.
 
Hyundai Motor lost 0.6 percent to 191,000 won and Kia shed 0.9 percent to 79,400 won.
 
Naver slid 3.5 percent to 221,500 won and Kakao declined 0.5 percent to 48,600 won.
 
Among gainers, SK Innovation jumped 3.1 percent to 164,600 won on the news that global rating agency S&P raised its credit rating for the oil refiner by a notch for a favorable capital increase.
 
Posco Holdings advanced 3.3 percent to 603,000 won and Posco Future M climbed 0.5 percent to 410,500 won.
 
The local currency ended at 1,324.4 won against the dollar, down 1.5 won from Friday's close.
 
Bond prices, which move inversely to yields, closed lower. The yield on three-year government bonds added 3.9 basis points to 3.9 percent, and the yield on the benchmark 10-year U.S. government bonds rose 3.5 basis points to 4.3 percent.
 

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]
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