Seoul shares snap 6-day winning streak after US tariff deal

Korea Herald

2 days ago

South Korean stocks ended their six-day winning streak Thursday on profit-taking, as investors assessed the impact of the long-awaited tariff deal between Seoul and Washington on the industry and the broader economy. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index lost 9.03 points, or 0.28 percent, to close at 3,245.44, after hitting a four-year high in the previous session.
Trade volume was heavy at 536.75 million shares worth 16.29 trillion won ($9.31 billion), with losers beating winners 466 to 405.
The index opened higher and had risen by about 1 percent after the two nations announced an agreement that would impose a 15 percent tariff on South Korean imports. US President Donald Trump earlier had threatened to impose a 25 percent levy.
But earlier gains were all pared on heavy selling by institutions.
Institutions sold a net 705.36 billion won worth of shares, while foreign and retail investors bought a net 344.41 billion won and 223.67 billion won worth of shares, respectively.
"Market uncertainties have eased, but the deal was somewhat expected and largely priced in," said Han Ji-young, a researcher at Kiwoom Securities. "Going forward, corporate strategies and export trends will likely affect the market."
Top-cap shares traded mixed.
Market bellwether Samsung Electronics fell 1.65 percent to 71,400 won, while chip giant SK hynix surged 3.8 percent to 273,500 won.
Major battery maker LG Energy Solution dipped 2.67 percent to 382,500 won, and leading pharmaceutical firm Samsung Biologics slid 2.82 percent to 1.07 million won.
Defense giant Hanwha Aerospace jumped 1.94 percent to 996,000 won, and nuclear power plant manufacturer Doosan Enerbility advanced 2.98 percent to 65,600 won. But No. 1 steelmaker Posco sank 1.44 percent to 308,500 won.
Carmakers lost ground amid concerns about the US' item-specific tariffs. Top automaker Hyundai Motor sank 4.48 percent to 213,000 won, while its sister Kia nose-dived 7.34 percent to 102,300 won.
But shipbuilders gathered ground on hopes for stronger cooperation with the US Leading shipbuilder HD Hyundai Heavy soared 4.14 percent to 490,500 won, and its rival Hanwha Ocean spiked 13.43 percent to 112,300 won.
The local currency was quoted at 1,387 won against the greenback at 3:30 p.m., down 3.9 won from the previous session. (Yonhap)