
Seoul shares end higher on extended foreign buying
The benchmark Korea Composite Stock Price Index added 22.74 points, or 0.71 percent, to close at 3,210.81.
Trade volume was a little slim at 341.3 million shares worth 10.6 trillion won ($7.6 billion), with losers outnumbering winners 489 to 390.
Foreign investors purchased 893.4 billion won worth of local shares, while institutions bought 101.3 billion won. Retail investors dumped 1.06 trillion won worth of shares for profit-taking.
"Foreigners continued the purchases of Seoul shares for the eighth consecutive session amid positive evaluation of the Kospi by global investment banks," said Lee Kyoung-min, an analyst at Daishin Securities.
On Friday, Wall Street closed mixed as concerns over US President Donald Trump's administration's tariff policies offset the risky appetite caused by strong US retail sales data.
The Dow Jones Industrial Average shed 0.32 percent, and the S&P 500 edged down 0.01 percent, while the tech-heavy Nasdaq composite inched up 0.05 percent.
Over the weekend, US Commerce Secretary Howard Lutnick said Aug. 1 is a "hard deadline" for Washington's reciprocal tariffs, pressuring its major trading partners to swiftly come up with terms of trade negotiations.
In Seoul, tech giant Samsung Electronics rose 1.04 percent to 67,800 won, and its chipmaking rival SK hynix gained 1.3 percent to 272,500 won.
Leading battery maker LG Energy Solution jumped 2.64 percent to 331,000 won, and defense powerhouse Hanwha Aerospace advanced 2.57 percent to 919,000 won.
Major power plant manufacturer Doosan Enerbility soared 5.56 percent to 68,400 won, and steel giant Posco Holdings surged 5.14 percent to 327,000 won.
Leading shipbuilders Hanwha Ocean and HD Hyundai Heavy rose 4.98 percent and 4.81 percent to 84,400 won and 425,000 won, respectively.
Renewable energy firm Hanwha Solution shot up 7.37 percent to 37,900 won on forecasts the company will swing to a profit in the second quarter.
On the other hand, top automaker Hyundai Motor lost 0.71 percent to 209,000 won, and Naver, South Korea's biggest internet portal operator, went down 0.83 percent to 240,000 won.
The local currency was quoted at 1,388.2 won against the US dollar at 3:30 p.m., up 4.8 won from the previous session. (Yonhap)
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Korea Herald
8 hours ago
- Korea Herald
SPC to end overtime night shifts after presidential rebuke
Korean food conglomerate SPC Group said it will eliminate overtime night shifts exceeding eight hours across its manufacturing lines starting in October, following the death of a factory worker in May. The group, which owns the well-known bakery chain Paris Baguette, said Sunday it will overhaul its production system and working arrangements by cutting overnight operations for all but essential items like fresh goods and gradually reducing daytime hours to prevent fatigue-related accidents. The move comes after President Lee Jae Myung visited the SPC Samlip plant in Siheung, Gyeonggi Province, Friday, where he directly linked the fatal accident to 'prolonged late-night labor.' The victim, a woman in her 50s, was killed in May after being caught in machinery while applying lubricant to a conveyor belt during a night shift. To prevent such a fatal accident, SPC vowed to hire more workers, adjust output and product mix, and reorganize factory lines. Affiliates, including Paris Baguette, Paris Croissant, Shany and Samlip, are preparing detailed execution plans, with full implementation set for Oct. 1. The presidential office welcomed the move. 'SPC's announcement came just two days after (the president) questioned whether it was sustainable for employees to work four 12-hour night shifts a week, from 7 p.m. to 7 a.m., and urged Korea to become a society that values life and is willing to bear the cost of safety,' presidential spokesperson Kang Yu-jung told reporters in a briefing. As part of its broader safety reform, SPC also committed to cutting the 12-hour shift system by 20 percent by 2027. It will invest 62.4 billion won ($45 million) to enhance automation, improve safety equipment and upgrade working conditions. SPC has come under growing public scrutiny following a string of fatal workplace incidents. The total number of work-related deaths rose to six between 2022 and 2025, including three previously reported accidents and three additional fatalities linked to illness caused by overwork.


Korea Herald
10 hours ago
- Korea Herald
Final week of US-Korea trade talks sees shipbuilding as key
Seoul is racing to finalize a tariff deal with Washington before the Aug. 1 deadline, as Finance Minister Koo Yun-cheol prepares to meet US Treasury Secretary Scott Bessent on Thursday in a bid to avert a 25 percent tariff on Korean exports, including autos. According to the industry and government sources on Sunday, the meeting between Koo and Bessent has been rescheduled for Thursday, likely at the US Treasury Department. Their meeting was initially planned for Friday with Korea's Trade Minister Yeo Han-koo and US Trade Representative Jamieson Greer, but was postponed by the US side. Korea's industry and trade chiefs, who are currently visiting the US, will remain there to continue last-minute high-level negotiations. To their US counterparts, they have outlined plans for cooperation in key strategic manufacturing sectors such as semiconductors, shipbuilding and batteries, while strongly urging tariff reductions on items such as automobiles. The Korean government has presented a revised proposal that includes sensitive agricultural and livestock products, going further than its initial offer to address US concerns. Washington, however, is reportedly pressuring Seoul for greater concessions. The tight schedule remains a major hurdle. The US is to hold trade talks with the European Union on Sunday, and is set to conduct high-level trade meetings with China on Monday and Tuesday, leaving only Wednesday and Thursday available for negotiations with Korea. Last week, Japan secured a reduction in tariffs on its auto exports to the US, with rates falling from 27.5 percent to 15 percent, after offering a $550 billion investment package. The deal has increased pressure on Korea, whose auto industry still faces the full 25 percent tariff. As Japan, Korea's key rival in the sector, gains an upper hand, Seoul is reportedly preparing a $100 billion package, along with additional commitments, to remain competitive Given that the US' ultimate goal is to revive its manufacturing sector, Seoul is focusing on leveraging industrial cooperation, particularly in the shipbuilding sector, where Korea holds a competitive edge. 'We confirmed the US has a strong interest in shipbuilding and agreed to work on mutually acceptable solutions, including bilateral cooperation in the sector," Korea's presidential office said Saturday. Trump has repeatedly stressed the importance of strengthening the US' shipbuilding industry and issued an executive order in April aimed at revitalizing the sector and curbing China's maritime dominance. Experts warn that the US tariffs, if maintained at the threatening 25 percent level, are expected to hit Korea's manufacturing sector the hardest. It accounts for 27.6 percent of Korea's economy — well above the OECD average — and exports make up 44 percent of the nation's gross domestic product. The US auto tariffs have already impacted Korea's leading automakers. Hyundai Motor and Kia both reported weaker earnings in the April-June period: Kia's operating profit plunged 24.1 percent, while Hyundai's figure dropped 15.8 percent. The Korea Institute for International Economic Policy has warned that Korea's real GDP could shrink by up to 0.4 percent if the US tariffs are implemented as initially planned. 'If the US' 'reciprocal' tariffs of 25 percent take place, Korea's real GDP can decrease by 0.3-0.4 percent even after the economy stabilizes," the institute said in a public hearing in June. With Japan recently securing a tariff reduction to 15 percent, Korea's growth prospects are expected to worsen under a higher rate, given that the two countries have similar export portfolios to the US. Korea's already stagnant growth outlook — currently projected at below 1 percent — would also likely face a further downgrade if the 25 percent reciprocal tariff is imposed. According to the Bank of Korea on July 24, the country's growth rate is likely to remain around the May forecast of 0.8 percent, in the case that the tariff rate is lowered to 15 percent, similar to Japan's. The rate could fall to zero if the tariff is set at 25 percent. US President Donald Trump said that his administration will have most of its trade deals with countries finished by Aug. 1. The president also said his administration might send letters to close to 200 countries informing them of their tariff rate, which he said means, "They have a deal. It's done."


Korea Herald
12 hours ago
- Korea Herald
S. Korea's foreign population reaches all-time high of 2.73 million
South Korea's foreign population has reached an all-time high of more than 2.73 million, data showed Sunday. The number of foreign nationals staying in the country for purposes including education, employment or tourism stood at just under 2,733,000 as of the end of June, marking a 1.5 percent increase (40,068 people) from the previous month, according to data from the Korea Immigration Service under the Ministry of Justice. Of the total, some 1.55 million were long-term foreign residents staying 90 days or more, who registered personal information such as name, date of birth and purpose of stay with local immigration offices. Half of these registered foreigners were found to reside in Seoul and the surrounding metropolitan area. The Yeongnam region, which includes major cities such as Daegu, Busan and Ulsan, was home to 317,286 (20.3 percent), followed by 200,939 (12.9 percent) in the Chungcheong region and 136,990 (8.8 percent) in the Honam region. Another 552,000 of the total foreign resident population were overseas Koreans holding F-4 visas, who established a place of residence and reported it to their local immigration office, entitling them to rights similar to those of Korean citizens, such as opening bank accounts and enrolling in the national health insurance program. The remaining 620,000 foreign nationals were short-term visitors staying fewer than 90 days, most of whom were tourists. Chinese account for one in three The largest share of foreign residents was held by Chinese nationals with 972,176, accounting for 35.6 percent of the total. They were followed by Vietnamese (341,153), Americans (196,664), Thais (173,710) and Uzbeks (98,457). When categorized by visa type, F-4 visa holders, who are foreign nationals of Korean ancestry, represented the largest group, totaling 554,895. Following them were 341,453 foreign nationals on E-9 visas, issued under the Employment Permit System, which permits stays of up to three years. Launched in 2004, the temporary worker program allows small and mid-sized companies facing labor shortages to legally hire foreign workers for low-skilled jobs. F-5 permanent residency visa holders came next at 214,036, followed by 191,297 on D-2 student visas and 171,063 on B-2 tourist visas. By age, foreign residents in their 30s made up the largest segment at 25.7 percent, followed by those in their 20s (23.1 percent), 40s (16.7 percent), 60 and older (13.5 percent), 50s (12.3 percent) and under 19 (8.7 percent). The previous all-time high foreign population was recorded in 2019 at around 2.52 million, but the figure declined for two consecutive years amid the COVID-19 pandemic, falling to 2.04 million in 2020 and 1.96 million in 2021. But as COVID-19 reached the endemic stage, the figure rebounded to about 2.51 million in 2023 and rose further to 2.65 million last year. This year, the number peaked at 2.72 million in March, then dipped to 2.71 million in April and 2.69 million in May, before reaching a new record high of 2.73 million in June.