Seoul shares hit 4-yr high despite US tariff uncertainty
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)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
6 hours ago
- Korea Herald
India accuses EU, US of double standard over Russian trade
NEW DELHI -- India has sharply criticised the United States and the European Union, saying it is being unfairly singled out by them over its Russian oil purchases when they both trade extensively with Moscow despite the war in Ukraine. India's criticism followed a renewed threat by US. President Donald Trump on Monday to raise tariffs on goods from India over its Russian oil purchases, deepening the trade rift between the two countries. In a rare show of unity, Prime Minister Narendra Modi's Bharatiya Janata Party and the main opposition Congress on Tuesday condemned Trump's repeated criticism of New Delhi. India's Foreign Ministry said in a statement issued late on Monday that "it is revealing that the very nations criticising India are themselves indulging in trade with Russia". "It is unjustified to single out India," the ministry said. It said the EU conducted 67.5 billion euros ($78.02 billion) in trade with Russia in 2024, including record imports of liquefied natural gas reaching 16.5 million metric tons. The US, the statement said, continues to import Russian uranium hexafluoride for use in its nuclear power industry, palladium, fertilisers and chemicals. It did not give a source for the export information. The US embassy and the EU's delegation in New Delhi did not immediately respond to a request for comment. Both the United States and EU have sharply scaled back their trade ties with Russia since it launched a full-scale invasion of Ukraine in February 2022. In 2021, Russia was the EU's fifth-largest trading partner, with goods exchange worth 258 billion euros, according to the EU executive European Commission. Sudden rift The sudden rift between India and the US has been deepening since July 31, when Trump announced a 25 percent tariff on Indian goods being shipped to the USand for the first time threatened unspecified penalties for buying Russian oil. India is one of the biggest buyers of crude from Russia, importing about 1.75 million barrels per day from January to June this year, up 1 percent from a year ago. Indian refiner Nayara Energy, a major buyer of Russian oil which is majority owned by Russian entities including oil major Rosneft, was subjected to European Union sanctions targeting Russia's oil and energy industry in July. India has said it does not support "unilateral sanctions" by the EU. Trade experts say Trump's tariff could badly hurt India's economy. Ajay Srivastava of the New Delhi-based Global Trade Research Initiative said he expected Indian goods exports to the US to fall 30 percent in the current fiscal year ending March 31, to $60.6 billion from $86.5 billion in the 2025 fiscal year. India's equity benchmarks fell after Trump's renewed threat of harsh tariffs on goods from India. Manish Tewari, a member of parliament and Congress leader, said Trump's "disparaging remarks hurt the dignity and self-respect of Indians". "The time has come to call out this constant bullying and hectoring," he added. BJP Vice President Baijayant Jay Panda quoted Henry Kissinger - the most powerful USdiplomat of the Cold War era - in a post on X: "To be an enemy of America can be dangerous, but to be a friend is fatal." (Reuters)
Korea Herald
10 hours ago
- Korea Herald
AI fintech startup BankX joins Silicon Valley's Plug and Play accelerator to expand AI retail platform
South Korean fintech startup BankX said Tuesday that it has been selected to join the official program at Plug and Play Tech Center, one of Silicon Valley's most influential startup accelerators. Known for nurturing global unicorns such as Google, PayPal, Dropbox and N26, Plug and Play offers early-stage startups high-level exposure to investors and corporate partners worldwide. BankX was also recently selected for the Global Market Expansion Program organized by Korea's Ministry of SMEs and Startups. By joining Plug and Play, BankX has entered the official Playbook, a global directory shared with major investors and partners. BankX's core product, PlayPlanet, is a location-based artificial intelligence platform that helps users compare real-time promotions and credit card benefits at offline stores. The app recommends the most advantageous payment method using AI, while also supporting merchants with real-time marketing tools and customer insights. Currently, BankX is conducting proof-of-concept testing with US retailers and plans to expand through partnerships with retail point-of-sale system providers, which manage payment processing at checkout counters. The company aims to build an AI-driven retail marketing ecosystem that connects consumers, merchants and local economies. "We are seeing positive responses from our PoC tests in the US," said BankX CEO Ethan Kim. "We will refine our technology to fit the local market and use this momentum to reshape consumer behavior and retail structures.'
Korea Herald
11 hours ago
- Korea Herald
Seoul shares spike over 1.6% on US rate cut hopes
South Korean stocks closed sharply higher Tuesday amid heightened expectations the US Federal Reserve may soon pivot to monetary easing following an employment shock. The local currency was trading lower against the US dollar. The benchmark Korea Composite Stock Price Index climbed 50.25 points, or 1.61 percent, to close at 3,198.00. Trade volume was a little slim at 270.8 million shares worth 10.9 trillion won ($7.85 billion), with winners far outnumbering losers 684 to 190. Foreigners and institutions net purchased 291.9 billion won and 94.5 billion won worth of local shares, respectively, while retail investors net sold 471.8 billion won. The KOSPI had opened in positive terrain, tracking overnight gains on Wall Street sparked by hopes the Fed may begin cutting its key rate in September to support the economy. The Dow Jones Industrial Average closed 1.34 percent higher on Monday, with the tech-heavy Nasdaq composite climbing 1.95 percent and the S&P 500 rising 1.47 percent. Such hopes were fueled after the US Bureau of Labor Statistics issued a jobs report, which showed the world's largest economy only added 73,000 jobs in July, below the market projection of a 100,000 job gain. "The Fed has been keeping its rate unchanged, citing the steady employment market, but the situation is different now," said Lee Kyoung-min, an analyst at Daishin Securities. Lee Jae-won, an analyst at Shinhan Securities, said investor sentiment was also improved on news reports the ruling bloc may reconsider its push for a tax revision aimed at raising taxes on corporations and stock investors. Market bellwether Samsung Electronics closed 0.29 percent higher at 69,900 won, and its chipmaking rival SK hynix gained 2.13 percent to 263,500 won, reflecting US chip giant Nvidia's 3.62 percent increase Monday. Leading battery maker LG Energy Solution jumped 2.93 percent to 386,500 won, and its smaller rival Samsung SDI shot up 10.22 percent to 213,500 won. Financial shares were particularly bullish, with KB Financial spiking 3.69 percent to 112,400 won and Shinhan Financial surging 3.19 percent to 68,000 won. Major shipbuilders also finished strong, with Hanwha Ocean climbing 1.57 percent to 116,100 won, and HD Korea Shipbuilding shooting up 5.63 percent to 356,500 won. Bio firm SK Biopharm skyrocketed 15.92 percent to 111,400 won on the back of record second quarter earnings driven by strong sales of its new epilepsy medication Xcopri. The state-run Korea Electric Power Corp. increased 2.15 percent to 38,300 won, and defense powerhouse Hanwha Aerospace soared 2.45 percent to 961,000 won. Auto and IT shares were among the few losers. Top automaker Hyundai Motor went down 0.24 percent to 210,500 won, and its sister Kia lost 1.36 percent to 101,400 won. Kakao, the operator of the country's dominant mobile messenger, slid 1.26 percent to 54,700 won, and top internet portal operator Naver dipped 0.22 percent to 232,000 won. The local currency was quoted at 1,388.3 won against the greenback at 3:30 p.m., down 3.1 won from the previous session. (Yonhap)
