KOSPI slips to around 6,950 as inflation and yields weigh

  • KOSPI reversed the previous session's gains and edged down to around 6,950.
  • Korea's CPI held at 2.9% in September, while oil rose above $100.
  • Micron supported Samsung Electronics and SK hynix with stronger results and memory prospects.

The benchmark KOSPI edged down to around 6,950 on Friday, reversing the previous session's gains as domestic inflation concerns and elevated global bond yields pressured stocks. Korea's CPI (consumer price index) remained at 2.9% in September, and the Bank of Korea warned inflation could stay near 3% in October, raising the prospect of another rate hike. U.S. Treasury yields remained high after the 10-year yield briefly exceeded 5.3%, while oil prices rose above $100 a barrel amid renewed Middle East tensions. Gains in Micron's stronger-than-expected results and upbeat memory outlook supported Samsung Electronics and SK hynix, while record South Korean semiconductor exports reinforced the sector's outlook. Large-cap stocks were mixed, with Samsung C&T Corp, Doosan Enerbility and HD Hyundai Heavy Industries falling, while Samsung Electronics and SK Square edged higher.

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