Seoul shares end lower on tech losses, tariff concerns
South Korean stocks finished lower Tuesday as investors moved to lock in profits from recent gains amid lingering concerns about the United States' tariff scheme. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index lost 7.18 points, or 0.27 percent, to close at 2,637.22.
Trade volume was moderate at 315.52 million shares worth 7.81 trillion won ($5.71 billion), with losers beating winners 514 to 361.
Foreigners and institutions sold a net 75.92 billion won and 19.97 billion won worth of stocks, respectively, while individuals bought 53.42 billion won worth of shares.
The index opened lower and stayed in negative territory, following a sharp increase the previous session on news that US President Donald Trump said he would delay imposing 50 percent tariffs on imports from the European Union until July 9.
But concerns linger over the US tariff policies, as Trump threatened to roll out 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics Co. and other companies if they are not manufactured in the US,
US stock markets were closed Monday in observance of Memorial Day.
In Seoul, most big-cap tech shares lost ground.
Market bellwether Samsung Electronics lost 1.46 percent to 53,900 won, and its rival SK hynix shed 0.25 percent to 202,500 won.
Major battery maker LG Energy Solution sank 1.98 percent to 272,500 won, and No. 1 steelmaker POSCO Holdings tumbled 1.86 percent to 237,000 won.
Leading biotech firm Samsung Biologics declined 1.63 percent to 1.03 million won, and leading financial firm KB Financial inched down 0.1 percent to 101,900 won.
Top carmaker Hyundai Motor remained unchanged at 181,900 won, while its sister Kia Motors edged up 0.11 percent to 88,200 won.
But defense giant Hanwha Aerospace surged 6.48 percent to 887,000 won, and major biopharmaceutical Celltrion advanced 1.7 percent to 155,600 won.
The local currency was quoted at 1,369.5 won against the greenback at 3:30 p.m., down 5.1 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
32 minutes ago
- Korea Herald
Trump says Iran deal would not allow 'any' uranium enrichment
WASHINGTON (AFP) — US President Donald Trump on Monday ruled out allowing Iran to enrich uranium under any nuclear deal between the foes — as Tehran defended what it said was its "peaceful" pursuit of fuel for power generation. Uranium enrichment has remained a key point of contention in five rounds of talks since April to ink a new accord to replace the deal with major powers that Trump abandoned during his first term in 2018. "Under our potential Agreement — WE WILL NOT ALLOW ANY ENRICHMENT OF URANIUM!" Trump said on his Truth Social network after the Axios news outlet said Washington's offer would let Tehran enrich some of the nuclear fuel. Republican Trump also blamed predecessor Joe Biden for the impasse, saying the Democrat "should have stopped Iran a long time ago from 'enriching.'" Axios said the latest proposal that Washington had sent Tehran on Saturday would allow limited low-level uranium enrichment on Iranian soil, for an amount of time that has yet to be determined. Iran has insisted that Iran has "nothing to hide" on its nuclear program. Speaking in Cairo, where he met the UN nuclear watchdog's chief Rafael Grossi, Iran's Foreign Minister Abbas Araghchi said, "If the goal is to deprive Iran of its peaceful activities, then certainly no agreement will be reached." The remarks came after Grossi of the International Atomic Energy Agency on Monday called for more transparency from Iran following a leaked report that showed Tehran had stepped up uranium enrichment. The IAEA report showed that Iran has ramped up production of uranium enriched up to 60 percent — close to the roughly 90 percent level needed for atomic weapons. "There is a need for more transparency — this is very, very clear — in Iran, and nothing will bring us to this confidence (besides) full explanations of a number of activities," Grossi said ahead of meeting Araghchi. Grossi added that some of the report's findings "may be uncomfortable for some, and we are ... used to being criticized." Iran has rejected the report, warning it would retaliate if European powers that have threatened to reimpose nuclear sanctions "exploit" it. "Some countries are trying to abuse this agency to pave the way for escalation with Iran. I hope that this agency does not fall into this trap," Araghchi said of the IAEA. Iran meanwhile pushed for the United States to drop sanctions that have crippled its economy as a condition for a nuclear agreement with Trump's administration. Araghchi said Saturday that he had received "elements" of the US proposal for a nuclear deal following the five rounds of talks, mediated by Oman. Both Araghchi and Grossi met Egyptian President Abdel Fattah el-Sissi, who praised the US-Iran talks and called for "de-escalation in order to prevent a slide into a full-fledged regional war." On Monday, Iranian Foreign Ministry spokesperson Esmaeil Baqaei told a news conference: "We want to guarantee that the sanctions are effectively lifted." "So far, the American side has not wanted to clarify this issue," he said. The US envoy in the nuclear talks said last month that Trump's administration would oppose any Iranian enrichment. "An enrichment program can never exist in the state of Iran ever again. That's our red line. No enrichment," Steve Witkoff told Breitbart News. Following a phone call with Witkoff the day before about the ongoing nuclear talks, Egyptian Foreign Minister Badr Abdelatty urged a peaceful solution and a nuclear-weapon-free Middle East, saying in Monday's press conference that "the region is already experiencing enough problems and crises." He warned that military confrontation would create "a state of chaos from which no one will be spared." Iran has vowed to keep enriching uranium "with or without a deal" on its nuclear program. The United States has sent Iran a proposal for a nuclear deal that the White House called "acceptable" and in Tehran's "best interest" to accept, US media reported Saturday. The New York Times, citing officials familiar with the diplomatic exchanges, said the proposal calls on Iran to stop all enrichment and suggests creating a regional grouping to produce nuclear power.
Korea Herald
14 hours ago
- Korea Herald
Hyundai Steel mulls sale of caterpillar track division at Pohang plant
Hyundai Steel, South Korea's second-largest steelmaker, said Monday it is considering selling a division that produces caterpillar tracks at one of its domestic plants, amid a prolonged slump in the construction industry. The company is in talks with -- whose business spans steel structures to auto components -- to sell the caterpillar track division of Pohang 1 plant, located 273 kilometers southeast of Seoul, a Hyundai spokesperson said. "Sales of caterpillar tracks produced by Hyundai Steel plunged 65 percent last year compared with 2021 due to intensified competition and an oversupply of low-priced Chinese products," the spokesperson said. Hyundai Steel said it will guarantee job security for employees currently working in the division by relocating them to other departments. The caterpillar-track system is used in the manufacturing of heavy equipment, such as excavators, bulldozers and track loaders. In recent months, the company has faced mounting challenges due to weakening demand and steep US tariffs. In April, Hyundai Steel temporarily shut down one of its three domestic steel reinforcement bar plants in Incheon, just west of Seoul, for the entire month due to low demand. In March, the company declared an emergency management mode in response to growing difficulties, including US tariffs imposed under the Donald Trump administration and ongoing labor disputes. The emergency measures followed the temporary suspension of its cold-rolled steel facility in Dangjin, about 80 km southwest of Seoul, from February 24 to March 31 due to a monthslong strike by unionized workers demanding wage increases. To mitigate the impact from US tariff hikes, Hyundai Steel announced plans to invest $5.8 billion in building an electric arc furnace-based integrated steel mill in Louisiana by 2029, with the aim of starting production the same year. Hyundai Steel currently operates a blast furnace-based integrated steel plant in Dangjin and electric arc furnace facilities in Incheon and Pohang.
Korea Herald
17 hours ago
- Korea Herald
Kospi reclaims 2,700 intraday amid preelection momentum
South Korean stocks held firm Monday as anticipation of Tuesday's presidential election helped extend recent gains, with the benchmark Kospi reclaiming the 2,700 level during intraday trading on the final session before a new administration takes office. The Kospi opened strong at 2,709.92, nearly 10 points above Friday's close, and climbed to an early high of 2,719.87 within the first 20 minutes. The index remained above 2,700 through the morning before paring gains to end slightly higher at 2,698.97. While slightly weaker than last week's momentum, Monday's performance marked a continuation of the recent rally. The Kospi had broken above 2,700 last Wednesday for the first time in nine months, after months of trading between 2,400 and the mid-2,600s and stalling near 2,600 in May. Institutional investors weighed on the market, emerging as net sellers of roughly 241.5 billion won ($175.8 million). Foreign investors flipped the Kospi into positive territory late in the session, ramping up purchases to end as the day's biggest buyers with a net 125.1 billion won. Retail investors also helped support the index, adding 99 billion won in net purchases. The secondary Kosdaq showed a contrasting trend, climbing around 0.8 percent to close at 740.29. Unlike the Kospi, retail investors turned net sellers, offloading roughly 120 billion won, while foreign and institutional investors stepped in as net buyers, purchasing 111.7 billion won and 14.3 billion won, respectively. 'With the Kospi awaiting the outcome of Tuesday's presidential election, the market is heading into the holiday without a clear directional catalyst,' said Lee Jae-won, analyst at Shinhan Securities. Sector performance was mixed, with no clear trend across industries. Chipmakers such as Samsung Electronics and SK hynix posted modest gains, while Hyundai Heavy Industries and Hanwha Aerospace also stood out among heavyweight advancers. In contrast, financial stocks, which had rallied last week, surrendered part of their recent gains. Meanwhile, the Korean won weakened about 0.7 percent to trade near 1,374 won per US dollar as of 4 p.m. Monday.
