Bond yields rise pressure markets, Korean stocks end five-day winning streak

Odaily News: South Korean stocks briefly hit a one-month high during Tuesday's session, but market sentiment was dampened as bond yields surged, with the market closing down over 1%, ending a five-session winning streak. Overnight, the Philadelphia Semiconductor Index rose 1.6%, and chip stocks opened higher on Tuesday but pared gains in the afternoon. Samsung Electronics closed down 2.19%, reversing an early gain of as much as 4.9%; SK Hynix closed up 1.03% after rising as much as 8.9% during the session.

Seo Sang-young, an analyst at Mirae Asset Securities, said there were foreign capital inflows in early trading, but as bond yields surged, capital flows became unstable, and overall market sentiment was equally unstable. In Korean government bonds, the yield on the most liquid 3-year Korean treasury bonds rose 8.5 basis points to 3.854%; the benchmark 10-year Korean treasury bond yield rose 9.5 basis points to 4.395%. (Jin Shi)