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South Korean shares end month 16% lower on AI doubts

By Reuters News

SEOUL, Oct 30 (Reuters) - Round-up of South Korean financial markets:


** South Korean shares fell sharply on Friday and posted a monthly loss of 16%, dragged down by losses in chipmakers on doubts over the global AI investment boom.

** The benchmark KOSPI .KS11 closed down 206.92 points, or 3.48%, at 5,730.74, after falling as much as 5.7% earlier and triggering a sidecar trading curb.

** The KOSPI fell 16.2% this month after two consecutive months of gains. In July, it fell 22.2%.

** US stocks slid on Thursday, with investors reassessing big tech's massive AI spending as they digested high-profile earnings and crucial inflation data a day after the Federal Reserve held interest rates steady. .N

** "The market was weighed by worries around the AI sector, such as delays in data centre constructions, this moth. There would be a short-term rebound after recent sharp losses, but the market is likely to be remain range-bound for the time being amid high uncertainty," said Seo Sang-young, an analyst at Mirae Asset Securities.

** Chipmaker Samsung Electronics 005930.KS fell 3.02%, while peer SK Hynix 000660.KS lost 7.08%.

** Among other index heavyweights, battery maker LG Energy Solution 373220.KS climbed 0.98%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 3.59% and 11.73%, respectively.

** Steelmaker POSCO Holdings 005490.KS shed 0.73%, while drugmaker Samsung BioLogics 207940.KS rose 8.86%.

** Of the total 912 traded issues, 234 shares advanced, while 656 declined.

** Foreigners were net sellers of shares worth 1.6 trillion won ($1.19 billion).

** The won was quoted at 1,334.3 per dollar on the onshore settlement platform , 0.39% higher than its previous close at 1,339.5.

** The most liquid three-year Korean treasury bond yield fell by 4.9 basis points to 3.719%, while the benchmark 10-year yield fell by 7.5 basis points to 4.025%.


($1 = 1,339.1100 won)

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