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Korea Herald
7 hours ago
- Automotive
- Korea Herald
Seoul shares snap 6-day winning streak after US tariff deal
South Korean stocks ended their six-day winning streak Thursday on profit-taking, as investors assessed the impact of the long-awaited tariff deal between Seoul and Washington on the industry and the broader economy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 9.03 points, or 0.28 percent, to close at 3,245.44, after hitting a four-year high in the previous session. Trade volume was heavy at 536.75 million shares worth 16.29 trillion won ($9.31 billion), with losers beating winners 466 to 405. The index opened higher and had risen by about 1 percent after the two nations announced an agreement that would impose a 15 percent tariff on South Korean imports. US President Donald Trump earlier had threatened to impose a 25 percent levy. But earlier gains were all pared on heavy selling by institutions. Institutions sold a net 705.36 billion won worth of shares, while foreign and retail investors bought a net 344.41 billion won and 223.67 billion won worth of shares, respectively. "Market uncertainties have eased, but the deal was somewhat expected and largely priced in," said Han Ji-young, a researcher at Kiwoom Securities. "Going forward, corporate strategies and export trends will likely affect the market." Top-cap shares traded mixed. Market bellwether Samsung Electronics fell 1.65 percent to 71,400 won, while chip giant SK hynix surged 3.8 percent to 273,500 won. Major battery maker LG Energy Solution dipped 2.67 percent to 382,500 won, and leading pharmaceutical firm Samsung Biologics slid 2.82 percent to 1.07 million won. Defense giant Hanwha Aerospace jumped 1.94 percent to 996,000 won, and nuclear power plant manufacturer Doosan Enerbility advanced 2.98 percent to 65,600 won. But No. 1 steelmaker Posco sank 1.44 percent to 308,500 won. Carmakers lost ground amid concerns about the US' item-specific tariffs. Top automaker Hyundai Motor sank 4.48 percent to 213,000 won, while its sister Kia nose-dived 7.34 percent to 102,300 won. But shipbuilders gathered ground on hopes for stronger cooperation with the US Leading shipbuilder HD Hyundai Heavy soared 4.14 percent to 490,500 won, and its rival Hanwha Ocean spiked 13.43 percent to 112,300 won. The local currency was quoted at 1,387 won against the greenback at 3:30 p.m., down 3.9 won from the previous session. (Yonhap)
Korea Herald
a day ago
- Business
- Korea Herald
Seoul shares extend winning streak to 6th day amid looming US tariff deadline
South Korean stocks rose for a sixth consecutive session to the highest level in about four years on Wednesday, led by tech gains, as investors await a deal between Seoul and Washington over the Donald Trump administration's aggressive tariff scheme. The local currency rose against the US dollar. 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)
Korea Herald
2 days ago
- Business
- Korea Herald
Seoul shares hit 4-yr high despite US tariff uncertainty
South Korean stocks climbed to the highest level in nearly four years Tuesday, buoyed by strong foreign buying, as last-minute negotiations are under way between Seoul and Washington over the Donald Trump administration's aggressive tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 21.05 points, or 0.66 percent, to close at 3,230.57, extending its winning streak to a fifth session. The reading marks the highest level since Aug. 19, 2021, when the index finished at 3,243.19. Trade volume was moderate at 369.74 million shares worth 12.66 trillion won (US$9.09 billion), with winners beating losers 468 to 409. The index opened lower as investors await key developments in tariff talks, with just three days remaining until the Aug. 1 deadline for a deal before the US starts imposing reciprocal tariffs, including a 25 percent duty for South Korea. The Kospi soon turned higher on the back of solid foreign buying and maintained the momentum. Offshore and institutional investors bought a net 604.78 billion won and 116.98 billion won worth of shares, respectively, while retail investors sold a net 827 billion won. "The domestic stock market is expected to continue showing sectoral divergence amid a wait-and-see stance ahead of a tariff deal," said Han Ji-young, a researcher at Kiwoom Securities. Finance Minister Koo Yun-cheol said that he would try to derive a "mutually beneficial" agreement with the United States as he left for Washington to meet with Treasury Secretary Scott Bessent on Thursday (US time). Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo continued to engage in intensive negotiations with their US counterparts, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. Most big-cap shares gathered ground. Market bellwether Samsung Electronics rose 0.28 percent to 70,600 won, while chip giant SK hynix added 0.19 percent to 262,500 won. Major battery maker LG Energy Solution surged 3.02 percent to 392,000 won, and leading pharmaceutical firm Samsung Biologics advanced 1.97 percent to 1.09 million won. Defense giant Hanwha Aerospace soared 4.72 percent to 998,000 won, and nuclear power plant manufacturer Doosan Enerbility climbed 2.52 percent to 65,100 won. Top financial firm KB Financial went up 0.72 percent to 111,300 won. Carmakers ended mixed. Top automaker Hyundai Motor shed 0.23 percent to 218,000 won, while its sister Kia gained 0.19 percent to 105,700 won. Leading shipbuilder HD Hyundai Heavy jumped 1.94 percent to 473,500 won, while its rival Hanwha Ocean lost 0.82 percent to 96,800 won. The local currency was quoted at 1,391.0 won against the greenback at 3:30 p.m., down 9.0 won from the previous session. (Yonhap)
Business Recorder
07-07-2025
- Business
- Business Recorder
South Korean shares flat; traders focus on US tariffs
Round-up of South Korean financial markets: South Korean shares were little changed on Monday, as investors took a wait-and-see stance amid uncertainty over US tariffs. The benchmark KOSPI was up 2.73 points, or 0.07%, at 3,057.01, as of 0154 GMT. South Korea's presidential security adviser headed to Washington on Sunday for trade and defence talks as Seoul discussed an extension of the freeze on US tariffs that is set to expire within days. 'Market sensitivity to tariffs, which has been low for some time, will be re-elevated near the deadline,' said Han Ji-young, an analyst at Kiwoom Securities. Samsung Electronics fell 1.18% ahead of its second-quarter earnings release on Tuesday. The chipmaker is expected to forecast a plunge in operating profit, weighed down by delays in supplying advanced memory chips to artificial intelligence chip leader Nvidia. Battery maker LG Energy Solution climbed 3.70% on an estimated 152% rise in its quarterly operating profit. Hyundai Motor and sister automaker Kia Corp were down 0.95% and up 0.61%, respectively. Steelmaker POSCO Holdings was flat, while drugmaker Samsung BioLogics fell 0.67%. Of the total 935 traded issues, 393 shares advanced, while 483 declined. Foreigners were net sellers of shares worth 106.2 billion won ($77.63 million). The won was quoted at 1,365.1 per dollar on the onshore settlement platform, 0.19% lower than its previous close at 1,362.5. In money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.16.
Mint
07-07-2025
- Business
- Mint
South Korean shares flat; traders focus on US tariffs
KOSPI flat, foreigners net sellers Korean won weakens against dollar South Korea benchmark bond yield rises SEOUL, - Round-up of South Korean financial markets: ** South Korean shares were little changed on Monday, as investors took a wait-and-see stance amid uncertainty over U.S. tariffs. ** The benchmark KOSPI was up 2.73 points, or 0.07%, at 3,057.01, as of 0154 GMT. ** South Korea's presidential security adviser headed to Washington on Sunday for trade and defence talks as Seoul discussed an extension of the freeze on U.S. tariffs that is set to expire within days. ** "Market sensitivity to tariffs, which has been low for some time, will be re-elevated near the deadline," said Han Ji-young, an analyst at Kiwoom Securities. ** Samsung Electronics fell 1.18% ahead of its second-quarter earnings release on Tuesday. The chipmaker is expected to forecast a plunge in operating profit, weighed down by delays in supplying advanced memory chips to artificial intelligence chip leader Nvidia. ** Battery maker LG Energy Solution climbed 3.70% on an estimated 152% rise in its quarterly operating profit. ** Hyundai Motor and sister automaker Kia Corp were down 0.95% and up 0.61%, respectively. Steelmaker POSCO Holdings was flat, while drugmaker Samsung BioLogics fell 0.67%. ** Of the total 935 traded issues, 393 shares advanced, while 483 declined. ** Foreigners were net sellers of shares worth 106.2 billion won . ** The won was quoted at 1,365.1 per dollar on the onshore settlement platform, 0.19% lower than its previous close at 1,362.5. ** In money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.16. ** The most liquid three-year Korean treasury bond yield fell by 0.7 basis points to 2.465%, while the benchmark 10-year yield rose by 0.5 basis points to 2.832%. This article was generated from an automated news agency feed without modifications to text.
