South Korean shares drop as US jobs data raises rate uncertainty

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KOSPI falls, foreigners net sellers
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Korean won strengthens against dollar
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South Korea benchmark bond yield steady
SEOUL, Sept 9 – Round-up of South Korean financial markets:
** South Korean shares dropped on Monday, with chipmakers facing significant losses, as traders tracked a slump in Wall Street following U.S. payrolls data last week that showed a continued labor market slowdown.
** The benchmark KOSPI was down 35.75 points, or 1.41%, at 2,508.53, as of 0051 GMT, after falling as much as 2.08% earlier in the session.
** The KOSPI index fell for a fifth straight session and hit its lowest level since Aug. 6.
** Wall Street ended lower on Friday, with the Nasdaq dropping more than 2% and the Philadelphia Semiconductor Index down 4.5%, after data showed U.S. employment increased less than expected in August.
** The report means Federal Reserve chair Jerome Powell must cut rates later this month, but also suggests he may be too late for the economy to achieve a soft landing, said Lou Basenese, president and chief market strategist at MDB Capital in New York.
** South Korean chipmaker Samsung Electronics was down 2.47%, after falling as much as 3.34% to its lowest since Oct. 10, 2023. Peer SK Hynix fell more than 3% to the lowest levels since Feb. 21, 2024.
** The finance-major index and the securities-minor index fell more than 2% each.
** E-commerce firms lost more than 1%, and biopharmaceutical manufacturers weakened, while automakers rose.
** Of the total 927 traded issues, 145 shares advanced, while 748 declined.
** Foreigners were net sellers of shares worth 208.1 billion won .
** The won was quoted at 1,338.6 per dollar on the onshore settlement platform, 0.10% higher than its previous close at 1,339.9.
** In money and debt markets, September futures on three-year treasury bonds fell 0.04 point to 105.91.
** The most liquid three-year Korean treasury bond yield rose by 0.7 basis point to 2.888%, while the benchmark 10-year yield fell 0.1 basis point to 3.018%.
This article was generated from an automated news agency feed without modifications to text.