Kospi breaks winning streak as chip firms end mixed on Nvidia earnings

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Kospi breaks winning streak as chip firms end mixed on Nvidia earnings

Published: 21 Nov. 2024, 16:42

KIM JU-YEON
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,480.63 points on Thursday, down 0.07 percent, or 1.66 points, from the previous trading session. [YONHAP]

Shares fell slightly Thursday to end their three-day winning streak as major shares ended in mixed territory. The local currency fell in value against the dollar for the first time in six sessions.

The Kospi lost 1.66 points, or 0.07 percent, to close at 2,480.63. The main index had been rising since Monday. The Kosdaq fell 2.24 points, or 0.33 percent, to 680.67.

Trade volume was moderate at 440.4 million shares worth 8.1 trillion won ($5.8 billion), with decliners beating gainers 477 to 392.

Foreigners dumped a net 259.5 billion won, continuing in net-selling mode for the 10th consecutive session.

Individuals offloaded a net 127.3 billion won, while institutions scooped up a net 298.8 billion won.

Overnight, Nvidia reported a 94 percent increase in sales and a 101 percent rise in profit for the third quarter, beating market expectations, but its shares fell after the bell as its performance failed to meet the lofty expectations of some investors.

In Seoul, semiconductor shares ended mixed on the Nvidia results.

Tech firm Samsung Electronics advanced 1.99 percent to 56,400 won, while SK hynix, one of Nvidia's largest partners, fell 1.06 percent to 168,800 won.

Carmaker Hyundai Motor dropped 1.37 percent to 215,500 won and shipbuilder HD Korea Shipbuilding & Offshore Engineering retreated 2.79 percent to 198,300 won.

Korea Zinc, the world's largest zinc smelter, slipped 5.06 percent to 957,000 won.

On the other hand, chemicals and builders were among winners.

LG Chem rose 1.03 percent to 294,500 won and GS Engineering & Construction jumped 3.65 percent to 18,450 won.

Retailer Lotte Shopping gained 3 percent to 58,300 won and bio tech firm Celltrion climbed 1.34 percent to 173,700 won.

The local currency was trading at 1,397.5 won against the greenback at 3:30 p.m., up 6.6 won from the previous session, weakening for the first time since Nov. 13.

Bond prices, which move inversely to yields, closed mixed. The yield on three-year government bonds fell 4.4 basis points to 2.829 percent, and the return on the benchmark 10-year U.S. government bonds rose 0.7 basis points to 4.405 percent.

BY KIM JU-YEON, YONHAP [[email protected]]