South Korea's Kospi Index declines, chip stocks fall, government bond yields rise

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Golden Finance reports that on May 19, the Korean stock benchmark index Kospi temporarily fell by 2.3%, as overnight weakness in U.S. chip stocks dragged down Korean peers, with government bond yields continuing to rise. Currently, Korea’s Kospi index has narrowed its decline to about 2%. The 10-year Korean government bond yield is hovering near its highest level in over two years, having risen nearly 30 basis points to 4.23% in the past week. Samsung Electronics, SK Hynix, and Hyundai Motor are the biggest drag on the Korean Kospi index. Investors are closely watching the latest rounds of wage negotiations between Samsung management and the unions. South Korea’s small-cap stock Kosdaq index fluctuated between a 1% decline and a 1.1% increase. The MSCI Asia-Pacific index temporarily rose by 0.3%.

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