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South Korean Shares Snap 3-Day Rally

The benchmark KOSPI fell more than 1% to around 6,840 on Friday, snapping a three-day rally, as investors remained cautious ahead of Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium later in the day. The decline came despite a strong overnight session on Wall Street, following Nvidia’s stronger-than-expected earnings and upbeat revenue outlook. Korean chipmakers failed to track the gains, with Samsung Electronics and SK hynix both declining more than 1%, limiting the positive spillover from the US technology rally. At the same time, Samsung Biologics dropped nearly 5% after announcing plans to raise KRW 3 trillion through a rights offering, adding further pressure to the index. Losses were also seen in LG Energy Solution (-1.8%), Hanwha Aerospace (-2.6%), HD Hyundai Heavy Industries (-2.8%), SK Inc (-2.5%), and LS Electric (-1.8%).

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