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South Korean shares fall more than 5% on AI doubts, set to end month lower

By Reuters News

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


** South Korean shares fell more than 5% on Friday and were set to end the month lower, as chipmakers tracked overnight losses in US tech stocks on doubts over the global AI investment boom.

** The benchmark KOSPI .KS11 was down 314.58 points, or 5.3%, at 5,623.08 as of 0217 GMT. During the session, it triggered a sidecar trading curb, halting algorithmic trading for five minutes.

** The KOSPI has fallen 18% so far this month, after two consecutive months of gains.

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

** Chipmaker Samsung Electronics 005930.KS fell 5.93%, while peer SK Hynix 000660.KS lost 8.58%.

** Among other index heavyweights, battery maker LG Energy Solution 373220.KS climbed 0.35%, while Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS were down 3.59% and 3.51%, respectively.

** Steelmaker POSCO Holdings 005490.KS shed 1.45%, while drugmaker Samsung Biologics 207940.KS rose 4.10%.

** Of the total 908 traded issues, 138 shares advanced, while 749 declined.

** Foreign investors were net sellers of shares worth 844.9 billion won ($630.94 million).

** The won was quoted at 1,337.8 per dollar on the onshore settlement platform , 0.13% higher than its previous close at 1,339.5.

** In money and debt markets, December futures on three-year treasury bonds crawled 0.09 of a point higher to 103.42.

** The most liquid three-year Korean treasury bond yield fell by 3.4 basis points to 3.734%, while the benchmark 10-year yield fell by 7 basis points to 4.030%.


($1 = 1,339.1100 won)

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