SEOUL, December 24 (AJP) - Santa Claus largely skipped Asian markets this season, with gains modest across the region and year-end positioning overshadowing any holiday cheer.
South Korea’s benchmark KOSPI finished 0.21 percent lower at 4,108.62 on Tuesday, pressured by retail investors liquidating holdings ahead of a tax deadline, even as foreign and institutional investors maintained a more constructive stance.
Retail investors net sold 717.5 billion won ($490.7 million), a move widely attributed to tax-avoidance strategies ahead of Friday’s cutoff for capital gains tax exemptions applied to major shareholders. In contrast, foreign investors bought a net 520.1 billion won, while institutions added 200.4 billion won, reflecting selective accumulation rather than broad risk-taking.
The Korean won strengthened sharply, closing at 1,456.6 per dollar as of 4:30 p.m., gaining 25.4 won on the day. The surge followed aggressive verbal intervention by foreign-exchange authorities. Market participants cited a mix of currency hedging and forward exchange selling, likely triggered by coordination involving the National Pension Service and major exporting firms.
Bond markets responded to the stabilizing currency, with yields edging lower. The 10-year government bond yield fell 3.4 basis points to 3.345 percent, reversing the upward pressure seen over the previous two sessions.
Performance among market leaders was mixed. Samsung Electronics slipped 0.36 percent to 111,100 won, taking a breather after recent record highs. SK hynix rose 0.68 percent to 588,000 won. Traders noted that Samsung faced heavier selling pressure due to its higher concentration of retail ownership.
Shipbuilding and defense stocks retreated as investors locked in profits following Monday’s rally linked to U.S. Navy collaboration news. Hanwha Ocean fell 3.57 percent to 119,000 won, while Hanwha Systems dropped 4.25 percent.
In the automotive sector, Hyundai Motor gained 0.7 percent to 289,000 won, supported by its renewed push into software-defined vehicles (SDVs) and the appointment of a new software lead. Hyundai AutoEver, however, slipped 2.38 percent to 287,500 won as investors opted to lock in gains after a sharp ascent.
The tech-heavy KOSDAQ closed 0.47 percent lower at 915.2, weighed down by the same cash-out trend. Alteogen fell 2.16 percent, while Rainbow Robotics dropped 3.88 percent. Hyundai Movex surged 9.94 percent to a one-year high of 18,580 won on expectations tied to contract wins and its potential role in automating production for Hyundai Motor Group, despite having no direct corporate affiliation.
Elsewhere in Asia, movements were restrained. Japan’s Nikkei 225 edged down 0.14 percent to 50,344.1 amid thinning holiday volumes. Automakers underperformed, with Toyota falling 1.82 percent, Nissan dropping 1.01 percent and Honda shedding 0.67 percent. Semiconductor shares bucked the trend, led by Ibiden’s 5.53 percent jump, Advantest’s 2.47 percent rise and Tokyo Electron’s 0.67 percent gain.
Taiwan’s TAIEX rose a modest 0.22 percent to 28,371.98, outperforming Seoul and Tokyo. Analysts attributed the advance largely to year-end “window dressing” as local institutions sought to bolster valuations. TSMC gained 0.34 percent, while MediaTek fell 0.72 percent.
Mainland Chinese markets posted moderate gains on renewed stimulus hopes. The Shanghai Composite rose 0.53 percent, while the Shenzhen Component gained 0.88 percent. Hong Kong’s Hang Seng Index ended its shortened Christmas Eve session with a modest 0.17 percent gain at 25,818.93.
The KOSPI and Hang Seng will be closed Wednesday for Christmas. Markets in Japan, mainland China and Taiwan will remain open for regular trading — but with volumes thin and gains modest, Santa’s presence across Asian markets this year appears fleeting at best.
Copyright ⓒ Aju Press All rights reserved.
