South Korean shares fall 3%, won hits 17-year low on Mideast worries

Round-up of South Korean financial markets:

** South Korean shares fell nearly 3% on Monday while the won hit a 17-year low on worries over a widening Middle East war.

** The benchmark KOSPI closed down 161.57 ‌points, or 2.97%, at ⁠5,277.30.


** ⁠The won was quoted down 0.5% at 1,518.7 per dollar, hitting its weakest level since March 2009.

** The Israeli military said Iran launched multiple waves of missiles at Israel, and an attack had also been launched from Yemen for only the second time since the U.S.-Israeli war began.

** Pakistan said on Sunday it was preparing to host "meaningful talks" to end the conflict ⁠over Iran ‌in coming days even though Tehran earlier accused Washington of preparing a land assault while seeking negotiations.

** "While there are some positive ⁠signs about negotiations, there still remains market scepticism over uncertainty of the Middle East situation," said Lee Kyoung-min, an analyst at Daishin Securities.

** South Korea will actively utilise market stabilising programmes of 100 trillion won ($65.84 billion) and expand them if needed, the country's financial regulator said.

** South Korea's March exports probably rose at the strongest pace in nearly five years on a boom in chip demand, although the Iran war was ‌set to drive up imports and inflation, a Reuters poll showed.

** Among index heavyweights, chipmaker Samsung Electronics fell 1.89%, while peer SK Hynix lost 5.31%. Battery maker LG ⁠Energy Solution climbed 3.93%.

** Hyundai Motor and sister automaker Kia Corp were down 5.15% and 2.76%, respectively. Steelmaker POSCO Holdings was flat, while drugmaker Samsung BioLogics fell 4.73%.

** Of the total 923 traded issues, 155 shares advanced, while 752 declined.

** Foreigners were net sellers of shares worth 2.1 trillion won ($1.38 billion).

** The most liquid three-year Korean treasury bond yield fell by 4.0 basis points to 3.547%, while the benchmark 10-year yield fell by 1.6 basis points to 3.900%. ($1 = 1,518.7600 won)