Seoul shares extend winning streak to 6th day amid looming US tariff deadline
The benchmark Korea Composite Stock Price Index added 23.9 points, or 0.74 percent, to close at 3,252.47, extending its winning streak to a sixth session.
The reading marked the highest level since Aug. 9, 2021, when the index closed at 3,260.42.
Trade volume was moderate at 335.65 million shares worth 12.88 trillion won ($9.31 billion), with winners beating losers 474 to 406.
The index opened slightly higher, despite overnight losses on Wall Street, and extended gains further.
Foreign and institutional investors bought a net 580.58 billion won and 330.81 billion won worth of shares, respectively, while retail investors sold a net 984.91 billion won.
"As investors assess corporate earnings reports, differentiated stock movements within sectors are expected, depending on individual company performance," said Han Ji-young, a researcher at Kiwoom Securities.
Eyes are also on ongoing tariff talks between South Korea and the United States, with just two days remaining until the Aug. 1 deadline for a deal before the US starts imposing reciprocal tariffs, including a 25 percent duty on South Korean imports.
In the latest round of meetings, Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo held two-hour talks with US Commerce Secretary Howard Lutnick in Washington on Tuesday.
Koo is scheduled to meet with US Treasury Secretary Scott Bessent in Washington on Thursday for a potential showdown, while Foreign Minister Cho Hyun also plans to meet with Secretary of State Marco Rubio.
Tech and auto shares led the overall market advance.
Market bellwether Samsung Electronics rose 2.83 percent to 72,500 won, and chip giant SK hynix added 0.38 percent to 263,500 won.
Major battery maker LG Energy Solution added 0.26 percent to 393,000 won on news that it signed a $4.3 billion contract to supply Tesla with lithium iron phosphate batteries for energy storage systems.
Leading pharmaceutical firm Samsung Biologics advanced 0.92 percent to 1.1 million won.
Top automaker Hyundai Motor surged 2.29 percent to 223,000 won, while its sister Kia spiked 4.45 percent to 110,400 won. Top financial firm KB Financial went up 1.35 percent to 112,800 won.
But defense giant Hanwha Aerospace sank 2.1 percent to 977,000 won on profit taking, and nuclear power plant manufacturer Doosan Enerbility skidded 2.15 percent to 63,700 won.
Leading shipbuilder HD Hyundai Heavy decreased 0.53 percent to 471,000 won, while No. 1 steelmaker POSCO sank 1.11 percent to 313,000 won.
The local currency was quoted at 1,383.1 won against the greenback at 3:30 p.m., up 7.9 won from the previous session. (Yonhap)
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