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S.Korea stocks end near 7-wk low ahead of LG Energy IPO; rates outlook weighs

01/17/2022 | 02:03am EDT

* KOSPI falls, foreigners net sellers

* Korean won weakens against U.S. dollar

* South Korea benchmark bond yield rises

* For the midday report, please click

SEOUL, Jan 17 (Reuters) - Round-up of South Korean financial markets: ** South Korean shares ended at a near seven-week low on Monday, as traders cut their positions ahead of the long-awaited LG Energy Solution's $10.7 billion initial public offering and with more rate hike bets sapping risk appetite. The Korean won weakened, while the benchmark bond yield rose.

** The benchmark KOSPI ended down 31.82 points, or 1.09%, at its lowest close since Dec. 1 of 2,890.10.

** Tech heavyweights led the declines, with chip giants Samsung Electronics and SK Hynix dropping 0.26% and 1.17%, respectively.

** Battery maker LG Energy Solution (LGES) raised $10.8 billion in its IPO, attracting record demand for a deal in South Korea, while institutional investors placed bids valuing at record $12.8 trillion.

** The public subscription for retail investors will take place on Jan. 18-19.

** Hawkish signals from the Federal Reserve pushed U.S. Treasury yields higher, while the Bank of Korea last week raised its policy rate to 1.25%, bringing it back to the pre-pandemic levels.

** A slew of Chinese economic data confirming the deadening effect of coronavirus restrictions on consumer spending also weighed on sentiment.

** Foreigners were net sellers of 252.0 billion won ($211.31 million) worth of shares on the main board.

** The won was quoted at 1,192.7 per dollar on the onshore settlement platform, 0.45% lower than its previous close.

** In offshore trading, the won was quoted at 1,192.6 per dollar, down 0.2%, while in non-deliverable forward trading its one-month contract was at 1,193.1.

** In money and debt markets, March futures on three-year treasury bonds fell 0.31 point to 108.04.

** The most liquid 3-year Korean treasury bond yield rose by 9.2 basis points to 2.138%, while the benchmark 10-year yield rose by 10.7 basis points to 2.560%. ($1 = 1,192.5600 won) (Reporting by Joori Roh; Editing by Rashmi Aich)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
KOSPI COMPOSITE INDEX 0.01% 2604.23 Real-time Quote.-12.51%
ON SEMICONDUCTOR CORPORATION -1.83% 55.15 Delayed Quote.-18.80%
SAMSUNG ELECTRONICS CO., LTD. -0.30% 66300 End-of-day quote.-15.33%
SK HYNIX INC. -1.78% 110500 End-of-day quote.-15.65%
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Analyst Recommendations on SAMSUNG ELECTRONICS CO., LTD.
More recommendations
Sales 2022 322 380 B 251 B 251 B
Net income 2022 46 972 B 36,6 B 36,6 B
Net cash 2022 120 225 B 93,7 B 93,7 B
P/E ratio 2022 9,15x
Yield 2022 2,18%
Capitalization 444 182 B 346 B 346 B
EV / Sales 2022 1,00x
EV / Sales 2023 0,86x
Nbr of Employees -
Free-Float 83,0%
Duration : Period :
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Mean consensus BUY
Number of Analysts 39
Last Close Price 66 300,00 KRW
Average target price 96 157,89 KRW
Spread / Average Target 45,0%
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Jong-Hee Han Vice Chairman & Co-Chief Executive Officer
Kye Hyun Kyung Co-Chief Executive Officer & Executive Director
Hee-Chan Roh Chief Financial Officer
Han-Jo Kim Chairman
Sang-Gyun Kim Head-Compliance Management
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