Seoul shares snap two-day losing streak on chemical gains, hope for tariff talks
South Korean stocks finished higher Monday, led by gains in chemical shares, as investors welcomed signs of progress in Sino-US trade talks and looked to developments in tariff negotiations between South Korea and the United States. The local currency strengthened against the US dollar.
The benchmark Korea Composite Stock Price Index added 15.76 points, or 0.52 percent, to close at 3,071.7, following a two-day losing run.
Trade volume was moderate at 460.56 million shares worth 13.16 trillion won ($9.45 billion), with winners beating losers 488 to 395.
Institutional and individual investors bought a net 469.2 billion won and 195.46 billion won worth of stocks, respectively, while foreigners net sold 651.42 billion won.
The index opened higher and maintained its momentum, as investor sentiment was buoyed by news that the US and China had reached a deal on tariffs, though details have yet to be disclosed, sending the S&P 500 and the tech-heavy Nasdaq to all-time highs Friday.
Eyes are also on ongoing negotiations between Seoul and Washington over the latter's aggressive tariff plan, with 10 days remaining before the US is set to resume its country-specific tariffs. President Donald Trump's administration has signaled openness to extending the pause on the new duties.
In April, Trump suspended the imposition of reciprocal tariffs on trading partners, including 25 percent duties on South Korea, until July 8 to allow time for negotiations.
"Foreign selling was driven by profit-taking after recent market rallies, but the market appears to have momentum for further gains," said Lee Kyoung-min, a researcher at Daishin Securities.
Top cap shares finished mixed, with chemical shares leading the upturn of the index.
Market bellwether Samsung Electronics lost 1.64 percent to 59,800 won, while chip giant SK hynix soared 2.82 percent to 292,000 won.
Major battery maker LG Energy Solution surged 3.12 percent to 297,000 won, and top chemical firm LG Chemical gained 1.2 percent to 211,550 won. No. 1 steelmaker POSCO Holdings advanced 0.38 percent to 261,000 won.
Nuclear power plant manufacturer Doosan Enerbility spiked 3.95 percent to 68,400 won on news that its president, Kim Jung-kwan, was nominated as industry minister.
Bio shares drifted lower. Leading biotech firm Samsung Biologics lost 0.4 percent to 992,000 won, and Celltrion edged down 0.19 percent to 159,600 won.
Carmakers also lost ground. Top carmaker Hyundai Motor dipped 0.73 percent to 203,500 won, and its sister Kia Motors lost 0.82 percent to 96,900 won.
Leading financial firm KB Financial went up 0.27 percent to 110,900 won, while defense giant Hanwha Aerospace sank 4.72 percent to 848,000 won.
Top online portal operator Naver increased 1.94 percent to 262,500 won, while Kakao, the operator of the country's dominant mobile messenger, tumbled 1.48 percent to 60,000 won.
The local currency was quoted at 1,350 won against the greenback at 3:30 p.m., up 7.4 won from the previous session. (Yonhap)
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