South Korea stocks slip despite stellar exports as oil worries weigh

Business Recorder reported that South Korean equities slipped on Thursday despite September exports hitting a record $120.9 billion, up 83.5% from a year earlier, government data showed. Early trading left the KOSPI 14.60 points lower, or 0.21%, at 6,823.44 as of 00:56 GMT. Investors were cautious over high global oil prices and doubts about whether the recovery in Middle East oil supplies will last.

Chip shipments more than tripled, reflecting worldwide spending on artificial intelligence, according to the same figures. Samsung Electronics declined 0.19%, while SK Hynix gained 0.23%, and Samsung BioLogics, a drug manufacturer, added around 2%. Steel producer POSCO Holdings lost 0.16%, and Hyundai Motor was down 0.07%.

The won traded at 1,359.4 per dollar in onshore dealings, 0.27% weaker than its prior close of 1,355.7, while the 10-year yield climbed 5.0 basis points to 4.451%. Overseas investors sold a net 494.4 billion won of shares, and Seoul quickly suggested that a $54 billion pipeline for an Alaska LNG project was not yet final. The remark came a day after US President Donald Trump outlined plans for South Korean investment of about $200 billion in US projects.