South Korea shares fall amid chip selloff

Business Recorder reported that South Korean shares slipped on Tuesday, tracking a weaker Wall Street, as global investors sold chip stocks ahead of Nvidia's quarterly results due Wednesday. The benchmark KOSPI lost 131.07 points, or 1.96%, to stand at 6,565.89 as of 01:45 GMT. Doubts over the profitability of artificial intelligence investments also weighed on sentiment.

SK Hynix was the weakest large name, dropping 4.55%, while Samsung Electronics lost 1.95% and LG Energy Solution slid 3.04%. Hyundai Motor and Kia gained 0.12% and 0.95%, and according to a source, the SK Hynix union narrowly voted down a tentative wage deal. Hyundai Motor's union, meanwhile, reached a tentative pact with management, averting further output losses after a full walkout on Friday.

The won firmed to 1,382.4 per dollar, up 0.06% from its prior close, while foreigners were net sellers of shares worth 1,925.5 billion won. Year to date the KOSPI is up 55.81% and the won has gained 4.1% against the dollar. The benchmark 10-year bond yield eased 0.7 basis points to 4.331%.