South Korean shares rise on US tariff optimism; steelmakers rally
South Korean shares rose on Thursday, lifted by hopes of easing trade tensions following the US's deal with Vietnam, a key manufacturing hub for several South Korean companies.
The benchmark KOSPI added 32.27 points, or 1.05%, to 3,107.33 as of 0137 GMT.
On Wednesday, President Donald Trump said Vietnamese exports will now attract a lower-than-promised 20% tariff, cooling tensions with the United States' tenth-biggest trading partner days ahead of his July 9 negotiating deadline.
South Korean President Lee Jae Myung said he was doing his best to achieve a 'mutually beneficial and sustainable' outcome from negotiations with the US
Tech major Samsung Electronics, which runs factory operations in Vietnam, rose 2.63%. Chipmaker SK Hynix lost 0.18%, but battery maker LG Energy Solution climbed 1.98%.
Hyundai Motor gained 0.23%, while sister automaker Kia traded flat.
Steelmakers, hit by a massive 50% tariff, rallied. POSCO Holdings climbed 9.38%, while Hyundai Steel jumped 13.4%.
Of the total 933 traded issues, 643 advanced and 239 declined.
Foreigners were net buyers of shares worth 273.5 billion won ($201.6 million).
The won was little changed at 1,355.3 per dollar on the onshore settlement platform.
In the money and debt markets, September futures on three-year treasury bonds gained 0.06 point to 107.19.
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