Seoul shares nearly flat amid renewed tariff woes
South Korean stocks finished slightly higher Monday, as investors took a wait-and-see posture ahead of the crucial presidential election amid signs of renewed trade tensions between the United States and China. The local currency rose against the US dollar.
The benchmark Korea Composite Stock Price Index added 1.3 points, or 0.05 percent, to close at 2,698.97.
Trade volume was moderate at 320.32 million shares worth 7.99 trillion won ($5.82 billion), with losers beating winners 523 to 369.
Foreign and retail investors bought a net 127.34 billion won and 98.7 billion won worth of stocks, respectively, while institutions sold 240.17 billion won worth of shares.
The index opened lower but soon turned higher, rising nearly 1 percent. But it had moved in and out of negative territory before ending slightly higher.
Investor sentiment was dampened as US President Donald Trump said last week that he planned to double tariffs on foreign imports of steel to 50 percent.
He also upped trade tensions by accusing China of violating a trade agreement with the US ahead of a scheduled call with Chinese President Xi Jinping to address trade issues.
On the domestic front, South Korean voters were set to cast their ballots to choose a president Tuesday after former President Yoon Suk Yeol was ousted following the short-lived imposition of martial law.
Front-runner Lee Jae-myung of the Democratic Party was vying against Kim Moon-soo of the conservative People Power Party.
Top-cap shares finished mixed.
Market bellwether Samsung Electronics surged 1.07 percent to 56,800 won, and its rival SK hynix jumped 1.47 percent to 207,500 won.
But major battery maker LG Energy Solution fell 0.52 percent to 284,500 won, and leading biotech firm Samsung Biologics edged down 0.1 percent to 1.03 million won.
Steelmakers lost ground. No. 1 steelmaker POSCO Holdings sank 2.4 percent to 244,000 won, and Hyundai Steel tumbled 2.66 percent to 27,450 won.
Carmakers also fell. Top carmaker Hyundai Motor dipped 0.7 percent to 184,000 won, and its sister Kia Motors went down 1.12 percent to 88,400 won.
Defense giant Hanwha Aerospace advanced 2.96 percent to 835,000 won, while leading financial firm KB Financial retreated 4.12 percent to 100,000 won.
The local currency was quoted at 1,373.1 won against the greenback at 3:30 p.m., up 7 won from the previous session. (Yonhap)
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