Seoul shares snap 3-day rise amid Trump uncertainties
South Korean stocks snapped their three-day rise Tuesday on heightened uncertainties ahead of Seoul's tariff negotiations with Washington later this week. The Korean won was trading higher against the US dollar.
The benchmark Korea Composite Stock Price Index lost 1.78 points, or 0.07 percent, to close at 2,486.64, ending its three-day losing streak.
Trade volume was moderate at 408 million shares worth 6.1 trillion won ($4.3 billion), with winners slightly outnumbering losers 460 to 414.
Foreigners unloaded 243 billion won worth of local shares, while retail investors purchased 166.4 billion won.
Overnight, Wall Street lost ground as President Donald Trump ramped up criticism of Federal Reserve Chair Jerome Powell, saying the US economy could slow down unless the Fed immediately lowers its interest rate.
In Seoul, investors remained cautious on lingering uncertainties ahead of South Korea's planned tariff negotiations with the US this week and the beginning of the corporate earnings season, analysts said.
South Korea will hold "2+2 trade consultations" with the US, attended by the countries' finance and trade ministers, on Thursday to discuss tariff issues.
The Trump administration slapped Seoul with 25 percent reciprocal tariffs earlier this month, though it has paused their implementation for 90 days.
Market bellwether Samsung Electronics lost 0.72 percent to 55,000 won, and chip giant SK hynix pulled back 1.59 percent to 173,800 won.
Top automaker Hyundai Motor dropped 0.91 percent to 185,600 won and its sister Kia went down 1.36 percent to 86,800 won.
Krafton, the developer of hit game PUBG: Battlegrounds, also declined 1.43 percent to 379,000 won.
On the other hand, leading shipbuilder HD Hyundai Heavy jumped 3.27 percent to 363,500 won and its rival Hanwha Ocean gained 1.41 percent to 79,000 won.
Internet portal operator Naver soared 3.31 percent to 193,700 won and Kakao, the operator of the country's dominant mobile messenger, went up 0.77 percent to 39,210 won.
The local currency was quoted at 1,420.6 won against the US dollar at 3:30 a.m., up 1.5 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
3 hours ago
- Korea Herald
Lee, Trump agree to meet soon, tee up golf for alliance: Seoul
South Korean President Lee Jae-myung and US President Donald Trump agreed to meet as soon as possible — and play a round of golf — with Trump inviting Lee to visit the US, Seoul's presidential office said. The first phone call between Lee and Trump occurred around 10 p.m. Friday, two days after Lee was officially inaugurated as president on Wednesday, following his confirmed victory in Tuesday's early presidential election. The 20-minute phone conversation drew heightened attention in Seoul as the alliance faces a laundry list of pending issues on multiple fronts, from security to trade. 'The two presidents agreed to work toward reaching a tariff agreement between the US and South Korea that would be satisfactory to both countries,' said Kang Yu-jung, the presidential spokesperson, in a written statement. To that end, Lee and Trump agreed to 'encourage tangible results from the working-level negotiations.' Seoul and Washington have been engaged in working-level negotiations ahead of the expiration of a 90-day self-imposed moratorium on Trump's reciprocal tariffs, which are scheduled to take effect for each country on July 9. The deadline set by the Trump administration for all US trading partners to submit their best offers on a trade deal expired Wednesday. According to Lee's office, 'President Trump invited President Lee to visit the US, and President Lee responded that he hopes to meet and consult frequently with the US as part of their special alliance.' 'The two presidents agreed to meet at the earliest possible time — either on the sidelines of a multilateral meeting or on the occasion of a bilateral visit — to further discuss the development of the alliance," the statement added. Notably, the presidential office in Seoul disclosed that Lee and Trump 'introduced their respective golfing skills and agreed to play a round for the alliance whenever possible.' Trump and Lee could meet on the sidelines of two multilateral events in June. The first is the G7 Summit in Alberta, Canada, on June 16–17, 2025, if South Korea is invited as an observer state and decides to attend. The other opportunity is the upcoming NATO Summit in The Hague on June 24–25, which South Korea has been invited to as one of four Indo-Pacific partners alongside Australia, Japan and New Zealand. Lee's office highlighted that the call between Lee and Trump was conducted with a 'friendly and informal atmosphere.' 'The two presidents also shared various anecdotes and experiences from their presidential campaigns, particularly concerning the risks of assassination and the political challenges they faced,' the presidential office said. 'They agreed that strong leadership comes from overcoming such difficulties.' The Korea Herald has learned that South Korea's Foreign Ministry sought to arrange the first phone call between the two leaders on Lee's inauguration day. However, the call occurred later than his predecessors. President-elect Yoon Suk Yeol held his first phone call with then-US President Joe Biden about five hours after his election on March 10, 2022. Similarly, President Moon Jae-in spoke with his US counterpart on the day of his inauguration, May 10, 2017, despite the absence of a traditional transition period following the early presidential election. Then President-elect Park Geun-hye held a phone call with US President Barack Obama two days after her victory on December 19, 2012. The protracted phone call drew criticism in Seoul, mainly from the opposition People Power Party — especially after the White House issued an unusual response to the presidential election, expressing US concern and opposition to "Chinese interference and influence in democracies around the world."
Korea Herald
9 hours ago
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
The level of political uncertainty in South Korea has returned to levels seen prior to the martial law incident, following the recent presidential election, the central bank said Friday. According to data submitted by the Bank of Korea to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the political uncertainty index stood at 1.5 as of June 4, the day after the election, in which Democratic Party candidate Lee Jae-myung defeated conservative rival Kim Moon-soo. The index, which had been around 0.4 in early December, spiked to a record high of 12.8 in mid-December, following former President Yoon Suk Yeol's surprising declaration of martial law on Dec. 3. Though the index rose slightly above 1 after the election, the BOK noted that such minor fluctuations are common in normal times and should not be interpreted as meaningful. The index is compiled by the BOK's research department by tallying the number of media articles that include both the keywords "politics" and "uncertainty" in their headlines or main text. It reflects relative values, with the long-term average from the beginning of 2000 set at zero, the BOK said. The previous record high was 8.8, recorded on March 17, 2004, following the passage of the impeachment motion against the late former President Roh Moo-hyun. The economic uncertainty index also fell to 1.2 as of June 4, a level similar to the 1.1 recorded on Dec. 3. The index had surged to 5.4 on Jan. 2 but gradually declined, reaching as low as 0.5 on May 15, the BOK said. "The political uncertainty that has weighed on the economy over the past six months is expected to ease significantly," BOK Gov. Rhee Chang-yong said at a press briefing last week. "Political factors are no longer having a meaningful impact on the won-dollar exchange rate." The Korean won had weakened sharply earlier this year, nearing 1,500 won per US dollar, largely due to the domestic political turmoil and concerns over the sweeping tariff measures under US President Donald Trump's administration. But it rebounded to its strongest level in about seven months Thursday, closing at 1,358.4 won per dollar. (Yonhap)
Korea Herald
9 hours ago
- Korea Herald
Bills to probe Yoon, wife pass National Assembly
Bill on suspected interference in investigation of Marine's death also passed; Presidential office says 'there is very little reason' to veto them The ruling Democratic Party of Korea-controlled National Assembly on Thursday passed contentious bills mandating special counsel probes into charges and scandals surrounding former President Yoon Suk Yeol and his wife, Kim Keon Hee. Three probe bills reintroduced by the Democratic Party were approved during a parliamentary plenary vote held in the afternoon. One pushes to launch a permanent special counsel to investigate 11 charges tied to Yoon's failed martial bid in December; another seeks to mainly investigate Kim's alleged inappropriate interference in the People Power Party's candidate nomination process in previous general and by-elections as well as her luxury bag scandal; the third looks into the allegations that the Yoon administration interfered in the military's investigation into a young Marine's death in 2023. All three bills were passed in a 194-3 vote with one abstention, in a package deal. The move came a day after President Lee Jae-myung, who was the Democratic Party Chair, was sworn into office. He won Tuesday's early election, securing 49.42 percent of the vote against his rival and People Power Party candidate Kim Moon-soo, who saw 41.15 percent. Lee was highly likely to approve and endorse the bills, as an official at the presidential office said, 'there is very little reason' to veto them, with all three 'receiving People's support,' in a press briefing after the plenary vote. People Power Party, which became the main opposition party on Wednesday, highlighted its party line against the passage of the bills ahead of the plenary vote. The majority of the party lawmakers boycotted all three votes. All three bills passed on Thursday had previous versions that were scrapped by former President Yoon's veto power. The bill mandating a permanent special counsel investigation against Yoon will look into 11 different charges tied to his martial law bid, including insurrection and military mutiny. The previous versions of the bill were vetoed and scrapped twice. The latest version expanded the scope of the charges from six to 11. Special counsel candidates will be nominated by the Democratic Party and the minor liberal Rebuilding Korea Party, from the parliament's side. The bill also eases regulations to access presidential archives. It lowers the threshold from the current approval needed from two-thirds of lawmakers or from a high court chief judge to three-fifths of the Assembly or permission from a district court chief judge. The bill concerning the first lady will look into her alleged role in a stock manipulation scandal as well as the inappropriate acceptance of a luxury bag from a Korean-American pastor and election-related scandals involving political broker Myung Tae-kyun. An amendment passed alongside the bills expands the scope of the number of assistant special prosecutors from four to seven and raises the cap on dispatched prosecutors from 40 to 60.
