Seoul shares soar over 1% on rate-cut hopes
The benchmark Korea Composite Stock Price Index added 34.46 points, or 1.08 percent, to close at 3,224.37. The index had dropped for three straight sessions since Friday.
Trade volume was moderate at 316.4 million shares worth 10.2 trillion won ($7.39 billion), with decliners beating gainers 470 to 410.
Foreigners bought a net 634 billion won worth of stocks to lead the bullish mode, while institutions and individuals sold a net 80.8 billion won and 660.1 billion won, respectively.
Investors were buoyed by better-than-expected US July inflation data, which many believe may have given the Federal Reserve a leeway for a rate cut next month.
"The US consumer prices index rose broadly in line with expectations, easing concerns over tariff-led inflation," said Han Ji-young, an analyst from Kiwoom Securities Co.
"Still, some investors are worried about uncertainties over the government's tax revision," Han added, referring to Seoul's potential plan to broaden the definition of large shareholders aimed at boosting capital gains tax revenues.
Market bellwether Samsung Electronics rose 1.13 percent to 71,900 won, and chipmaking giant SK hynix jumped 3.35 percent to 278,000 won.
LG Display surged 22.49 percent to 13,290 won following news reports that US trade authorities have recently imposed a near 15-year import ban on organic light-emitting diode panels produced by China's BOE Technology Group Co. in a complaint filed by Samsung Display.
Top carmaker Hyundai Motor advanced 1.41 percent to 216,000 won, and national flag carrier Korean Air gained 5.45 percent to 25,150 won.
Major shipyard HD Korea Shipbuilding & Offshore Engineering vaulted 6.6 percent to 379,500 won, and defense behemoth Hanwha Aerospace mounted 3.17 percent to 878,000 won.
However, food giant Nongshim fell 1.05 percent to 376,000 won, and leading IT firm Kakao declined 0.31 percent to 63,500 won.
The local currency was quoted at 1,381.7 won against the greenback at 3:30 p.m., up 8.2 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
28 minutes ago
- Korea Herald
Trump says US could unveil semiconductor tariffs next week
WASHINGTON -- US President Donald Trump said Friday his administration will unveil tariffs on semiconductor imports as early as next week, as South Korean tech firms Samsung Electronics Co. and SK hynix Inc. have been carefully watching his tariff policy developments. Trump made the remarks in a meeting with reporters aboard Air Force One, as he was en route to Alaska for talks with Russian President Vladimir Putin -- the high-stakes meeting where Trump is seeking to broker a halt to the war in Ukraine. "Chips and semiconductors, we'll be setting sometime next week, (or) the week after," Trump said, according to a White House press pool report. He did not elaborate on the exact tariff rate, but said there would be a tariff increase from a "lower" rate to a "very high" rate. "Well, I'm going to have a rate that is going to be lower at the beginning. Then that gives them a chance to come in and build. And very high after a certain period of time," he said. "And if they don't build here, they have to pay a very high tariff." Last week, Trump said his administration will impose a tariff of about 100 percent on chips, as he is pushing to strengthen semiconductor production in the U.S. To impose the tariffs, Trump has invoked Section 232 of the Trade Expansion Act of 1962, a law that provides the president with the authority to adjust imports into the US when he determines they threaten to impair national security. (Yonhap)
Korea Herald
21 hours ago
- Korea Herald
Bitcoin retreats from record peak on US inflation fears
Bitcoin, the world's largest cryptocurrency, fell Friday after touching a new high the previous day, weighed down by hotter-than-expected US inflation data. Bitcoin, the world's largest cryptocurrency, fell Friday in Seoul after hitting a one-month high the previous day, pressured by hotter-than-expected US inflation data. As of noon, bitcoin was trading at about 165.6 million won ($119,100) on local exchange Bithumb, down 2.6 percent from Thursday's peak of 169.9 million won. The crypto had climbed to a new high on Thursday, but sentiment soured after US data showed the producer price index for July jumped 0.9 percent on-month, far above the 0.2 percent forecast and the biggest gain since June 2022. The PPI, which tracks prices before they reach consumers, points to further cost pressures ahead. US media said the upside surprise signals the start of broader tariff-driven inflation as President Donald Trump's sweeping import duties begin to take effect. The report complicates expectations for a Federal Reserve rate cut in September. Analysts said the hot inflation reading could prompt the Fed to hold rates steady to avoid fueling further price gains. Bitcoin pulled back more sharply in US trading, dropping 4.5 percent from an all-time high of $124,496 on Thursday to around $118,800 as of Friday in Seoul. Other major digital currencies also lost ground. Ethereum, the second-largest crypto by market cap, slid nearly 4 percent to about $4,620, after briefly topping $4,700 on Thursday, approaching its 2021 record of $4,868. XRP and solana each fell more than 5 percent.
Korea Herald
a day ago
- Korea Herald
Samsung chief back in Seoul after US visit to 'prepare next year's business'
Samsung Electronics Chair Lee Jae-yong returned to South Korea early Friday after a 17-day business trip to the US. Lee arrived at Incheon Airport shortly after midnight, telling reporters briefly that he was returning after 'preparing for next year's business' before leaving the airport, without elaborating further. His trip began on July 29, when Lee departed to Washington to support South Korea's diplomatic efforts to secure a tariff deal with the US. Industry watchers say his two-week trip likely included high-level meetings with American tech giants to bolster cooperation and explore new business opportunities, as well as to assess the impact of US tariffs on Samsung's operations. The visit came a day after Samsung signed a record $16.5 billion foundry contract with Tesla to produce the carmaker's next-generation artificial intelligence chip, known as AI6. Tesla CEO Elon Musk hinted that the total volume of the deal could expand, replying on social platform X that 'the 16.5 billion number is just the bare minimum,' with actual production likely to be several times higher. During Lee's stay, Apple also announced that Samsung would manufacture chips for its flagship iPhone at the company's plant in Austin, Texas, a deal analysts believe Lee played a direct role in securing. While in Washington, Korea clinched an agreement with the US on July 30 to cut tariffs on Korean goods from a threatened 25 percent to 15 percent, in exchange for Seoul's commitment to $350 billion in investments in the US. Sources said Lee leveraged Samsung's global network and semiconductor supply chain ties to support the negotiations. The Samsung leader is scheduled to return to Washington later this month to join President Lee Jae Myung for his summit with US President Donald Trump on Aug. 25. Close attention is being paid to whether Samsung will announce additional investments during that trip.
