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ASIA: South Korean Equities Fall To A Two-Week Low

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  • South Korea has returned from a public holiday this morning with the Kospi falling 1.25% to a two-week low, driven by foreign investor sell-offs in chip stocks following U.S. equity losses and Middle East tensions. Foreign funds sold have sold $900b worth of Kospi equities the past 5 sessions, mostly in the tech sector, while buying smalls in Transport & Chemical names. The Kospi has now declined for three consecutive months, making it one of Asia's worst performers this year. Samsung, SK Hynix, and Hyundai Motor led the losses, with all sectors but textiles in the red over the period. The small-cap Kosdaq index is trading 0.95% lower in early morning trading.
  • Earlier, South Korea's CPI for September came in at 1.6% y/y, below the 2.0% target. This decline creates room for a potential rate cut by the Bank of Korea. PMI also dropped to 48.3 in September, down from 51.9 in August, marking the lowest level since June 2023. Output hit a 1-year low, and new orders declined compared to August.
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  • South Korea has returned from a public holiday this morning with the Kospi falling 1.25% to a two-week low, driven by foreign investor sell-offs in chip stocks following U.S. equity losses and Middle East tensions. Foreign funds sold have sold $900b worth of Kospi equities the past 5 sessions, mostly in the tech sector, while buying smalls in Transport & Chemical names. The Kospi has now declined for three consecutive months, making it one of Asia's worst performers this year. Samsung, SK Hynix, and Hyundai Motor led the losses, with all sectors but textiles in the red over the period. The small-cap Kosdaq index is trading 0.95% lower in early morning trading.
  • Earlier, South Korea's CPI for September came in at 1.6% y/y, below the 2.0% target. This decline creates room for a potential rate cut by the Bank of Korea. PMI also dropped to 48.3 in September, down from 51.9 in August, marking the lowest level since June 2023. Output hit a 1-year low, and new orders declined compared to August.