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Seoul: Stocks fall 1% on Wall Street tech selloff

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[SEOUL] South Korean shares slumped over 1 per cent on Wednesday, tracking a tech-led plunge on Wall Street overnight, as volatility increased ahead of the expiry of Kospi futures and options contracts. The won and the benchmark bond yield also fell. Read more at The Business Times.

Local media reported Samsung Electronics' display unit and LG Display are expected to stop supplying panels for premium smartphones to Huawei Technologies due to US restrictions. Samsung Electronics slid 0.5 per cent, while LG Display was flat.The won ended trading at 1,189.1 per US dollar on the onshore settlement platform, 0.23 per cent lower than its previous close at 1,186.4.

In offshore trading, the won was quoted at 1,189.3 per dollar, up 0.1 per cent from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,188.8. The most liquid three-year Korean treasury bond yield fell by 3.3 basis points to 0.917 per cent, while the benchmark 10-year yield fell by 3.9 basis points to 1.517 per cent.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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