Seoul shares rise for 2nd day on hopes for US tariff talks, Commercial Act revision
The benchmark Korea Composite Stock Price Index added 17.95 points, or 0.58 percent, to close at 3,089.65.
Trade volume was moderate at 563.22 million shares worth 14.99 trillion won ($11.05 billion), with winners beating losers 706 to 185.
Institutional and foreign investors bought a net 474.96 billion won and 180.7 billion won worth of stocks, respectively, while individuals net sold 637.69 billion won.
The index opened higher, tracking overnight gains on Wall Street, and climbed further to hit a yearly high before paring some of its earlier gains.
Investor sentiment was buoyed by signs of progress in trade talks between the US and Canada, as well as other trading partners, and by the possibility that the Federal Reserve may resume interest rate cuts.
These factors pushed the S&P 500 and the tech-heavy Nasdaq to all-time highs on Monday (US time).
Investors also closely watched the potential revision of the Commercial Act, which calls for expanding corporate directors' fiduciary duty to shareholders to better protect the rights of minority shareholders.
The ruling Democratic Party has been pushing for the amendment, while the main opposition People Power Party has shifted its stance and pledged to review it favorably.
Top cap shares finished mixed.
Market bellwether Samsung Electronics soared 1.59 percent to 60,750 won, while chip giant SK hynix sank 1.28 percent to 288,250 won on profit taking.
Major battery maker LG Energy Solution added 0.76 percent to 299,250 won, and No. 1 steelmaker POSCO Holdings spiked 5.75 percent to 276,000 won.
Nuclear power plant manufacturer Doosan Enerbility shed 1.02 percent to 67,700 won following sharp gains in the previous session.
Bio shares gathered ground. Leading biotech firm Samsung Biologics advanced 0.71 percent to 999,000 won, and Celltrion went up 0.31 percent to 160,100 won.
Top carmaker Hyundai Motor surged 1.47 percent to 206,500 won, and its sister Kia Motors jumped 1.75 percent to 98,600 won.
Leading financial firm KB Financial gained 0.81 percent to 111,800 won, and defense giant Hanwha Aerospace increased 0.47 percent to 852,000 won.
Top online portal operator Naver rose 0.57 percent to 264,000 won, while Kakao, the operator of the country's dominant mobile messenger, climbed 2.33 percent to 61,400 won.
The local currency was quoted at 1,350 won against the greenback at 3:30 p.m., down 5.9 won from the previous session.
Bond prices, which move inversely to yields, closed mixed. The yield on three-year Treasurys rose 0.2 basis point to 2.454 percent, and the return on the benchmark five-year government bonds declined 1.0 basis points to 2.581 percent. (Yonhap)
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Korea Herald
10 hours ago
- Korea Herald
Seoul shares rise for 2nd day on hopes for US tariff talks, Commercial Act revision
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Korea Herald
11 hours ago
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Kospi hits fresh high on easing global trade tensions, strong exports
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