SEOUL, November 24 (AJP) - South Korean shares extended weakness on Monday, becoming the only major Asian market to finish lower. Concerns over the won’s vulnerability, persistent AI bubble narratives, and progress in Russia–Ukraine ceasefire discussions created a triple overhang that erased early gains.
The benchmark KOSPI closed 0.19 percent lower at 3,846.06. The index climbed more than 1 percent in early trading but reversed course in the afternoon as selling pressure intensified. It briefly hovered in positive territory around 3:20 p.m., but slipped during the closing auction.
The won also weakened further, rising 3.5 won to trade at 1,475.5 per dollar as of 4:30 p.m.
Foreign investors, who initially supported morning gains, turned net sellers of 327.5 billion won ($222 million), dragging the index lower.
Retail investors also sold 603 billion won, signaling weakened confidence. Institutional investors purchased 947.7 billion won, but their buying was insufficient to offset downward pressure.
Market bellwethers diverged. Samsung Electronics rose 2 percent to 96,700 won, marking a rare rebound, while SK hynix slipped 0.19 percent to 520,000 won.
The two major Samsung biotech affiliates also moved in opposite directions. Samsung Biologics closed 0.45 percent lower at 1,789,000 won, while Samsung Epis Holdings, newly spun off from Samsung Bioepis, plunged 28.23 percent to 438,500 won, reflecting lingering uncertainty over the carved-out entity’s standalone valuation.
Defense stocks retreated following remarks from U.S. President Donald Trump, who urged Ukraine to sign a ceasefire agreement before Thanksgiving. LIG Nex1 fell 1.99 percent to 394,000 won, and Hanwha Systems declined 2.47 percent to 47,400 won.
Reconstruction-related names, however, surged. HD Hyundai Construction Equipment, a manufacturer of excavators and heavy machinery, jumped 5.64 percent to 95,500 won. Large construction firms also posted modest gains, with Hyundai Engineering & Construction up 0.67 percent at 59,700 won and Samsung C&T rising 0.93 percent to 218,000 won.
Taiwan’s TAIEX edged up 0.26 percent to 26,504.24, supported primarily by financial stocks.
Cathay Financial Holding climbed 3 percent to 65.5 Taiwan dollars ($2), and Yuanta Financial Holding gained 1.1 percent to 36.05 Taiwan dollars.
Semiconductor heavyweights were mixed. TSMC slipped 0.77 percent to 1,375 Taiwan dollars, while MediaTek added 0.44 percent to 1,150 Taiwan dollars.
The Shanghai Composite Index was flat, inching up 0.05 percent to 3,836.77. In contrast, Hong Kong’s Hang Seng Index surged 1.9 percent to 25,695 as of 4:20 p.m., led by Chinese platform giants. Alibaba Group jumped 4.8 percent to 154.7 Hong Kong dollars ($19.9), and Tencent gained 2.1 percent to 623 Hong Kong dollars.
Japan’s Nikkei 225 was closed for the Labor Thanksgiving Day substitute holiday.
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