South Korean shares closed lower on Friday after investors booked profits on AI and battery stocks following the previous day's strong gains. Market heavyweights Samsung Electronics (KRX:005930), SK Hynix (KRX:000660), and LG Energy Solution (KRX:373220) shed over 5%, 8% and 6%, respectively, at the end of the trading day.
The benchmark Korea Composite Stock Price Index, or Kospi, fell 5.8%, or 519.09 points, to close at 8,411.21. The Kosdaq also declined by 4.1%, or 36.44 points, to end at 851.37.
In economic data, the average interest rate on new deposits in South Korea added one basis point to hit 2.93% in May from the previous month, while the average interest rate on outstanding amounts of deposits also added one basis point to 2.03% during the same period.
The average interest rate on new loans in the country shed one basis point to hit 4.19% in May from the previous month, while the average interest rate on outstanding amounts of loans added one basis point to 4.31% during the same period, the Bank of Korea said Friday.
On the corporate front, SK Telecom (KRX:017670) plans to invest 738.38 billion won in chipmaker SK Hynix's US-incorporated NAND unit SK Hynix NAND Product Solutions Corporation (SKHNPS) via a capital contribution commitment agreement to acquire 1,198 newly issued shares.
The investment will give SK Telecom a 0.9% stake in SKHNPS, with the acquisition scheduled to close on June 25, 2030, according to a Friday filing with the Korea Exchange.
Shares of SK Telecom fell nearly 1% at market close.