Seoul shares fall nearly 1% on profit taking, US tariff uncertainty
South Korean stocks finished lower Friday, as investors moved to lock in profits from recent sharp gains amid legal uncertainties surrounding the United States' tariff policies. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 22.97 points, or 0.84 percent, to close at 2,697.67, ending a two-day winning streak.
Trade volume was heavy at 513.39 million shares worth 14.08 trillion won ($10.21 billion), with losers beating winners 487 to 394.
Institutions and foreign investors sold a net 16.49 billion won and 608.1 billion won worth of stocks, respectively, while individuals bought 602.02 billion won worth of shares.
The market opened a tad lower, one day after the index surged to a 10-month high on marked gains of tech shares, and extended losses further as investors assessed the developments of legal battles in the US surrounding US President Donald Trump's sweeping tariff scheme.
On Thursday (US time), a US federal appeals court temporarily reinstated the tariff policy, just one day after a trade court had blocked them.
"It may take about a year until the appellate ruling and the final decision by the U.S. Supreme Court. Apart from legal issues, the Trump government has various other means to impose tariffs," Han Ji-young, a researcher at Kiwoom Securities, said.
The key stock index rose 4.01 percent from a week ago.
Top-cap shares traded mixed.
Market bellwether Samsung Electronics edged up 0.18 percent to 56,200 won, and its rival SK hynix sank 3.54 percent to 204,500 won.
Major battery maker LG Energy Solution lost 0.69 percent to 286,000 won, and No. 1 steelmaker Posco Holdings lost 1.77 percent to 250,000 won.
Defense giant Hanwha Aerospace dipped 5.37 percent to 811,000 won, while leading financial firm KB Financial advanced 1.56 percent to 104,300 won.
Carmakers fell. Top carmaker Hyundai Motor declined 2.98 percent to 185,300 won, and its sister Kia Motors nosedived 4.08 percent to 89,400 won.
But bio shares gathered ground. Leading biotech firm Samsung Biologics rose 0.58 percent to 1.03 million won, and Celltrion jumped 1.45 percent to 161,000 won.
The local currency was quoted at 1,380.1 won against the greenback at 3:30 p.m., down 4.2 won from the previous session.
Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.6 basis point to 2.347 percent, and the return on the benchmark five-year government bonds climbed 2.1 basis points to 2.521 percent.
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Korea Herald
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Korea Herald
a day ago
- Korea Herald
Seoul shares fall nearly 1% on profit taking, US tariff uncertainty
South Korean stocks finished lower Friday, as investors moved to lock in profits from recent sharp gains amid legal uncertainties surrounding the United States' tariff policies. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 22.97 points, or 0.84 percent, to close at 2,697.67, ending a two-day winning streak. Trade volume was heavy at 513.39 million shares worth 14.08 trillion won ($10.21 billion), with losers beating winners 487 to 394. Institutions and foreign investors sold a net 16.49 billion won and 608.1 billion won worth of stocks, respectively, while individuals bought 602.02 billion won worth of shares. The market opened a tad lower, one day after the index surged to a 10-month high on marked gains of tech shares, and extended losses further as investors assessed the developments of legal battles in the US surrounding US President Donald Trump's sweeping tariff scheme. On Thursday (US time), a US federal appeals court temporarily reinstated the tariff policy, just one day after a trade court had blocked them. "It may take about a year until the appellate ruling and the final decision by the U.S. Supreme Court. Apart from legal issues, the Trump government has various other means to impose tariffs," Han Ji-young, a researcher at Kiwoom Securities, said. The key stock index rose 4.01 percent from a week ago. Top-cap shares traded mixed. Market bellwether Samsung Electronics edged up 0.18 percent to 56,200 won, and its rival SK hynix sank 3.54 percent to 204,500 won. Major battery maker LG Energy Solution lost 0.69 percent to 286,000 won, and No. 1 steelmaker Posco Holdings lost 1.77 percent to 250,000 won. Defense giant Hanwha Aerospace dipped 5.37 percent to 811,000 won, while leading financial firm KB Financial advanced 1.56 percent to 104,300 won. Carmakers fell. Top carmaker Hyundai Motor declined 2.98 percent to 185,300 won, and its sister Kia Motors nosedived 4.08 percent to 89,400 won. But bio shares gathered ground. Leading biotech firm Samsung Biologics rose 0.58 percent to 1.03 million won, and Celltrion jumped 1.45 percent to 161,000 won. The local currency was quoted at 1,380.1 won against the greenback at 3:30 p.m., down 4.2 won from the previous session. Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.6 basis point to 2.347 percent, and the return on the benchmark five-year government bonds climbed 2.1 basis points to 2.521 percent.
