Seoul shares rise for 2nd day on US-China talks; won jumps to 5-month high
South Korean stocks rose for the second consecutive session Wednesday driven by hopes for US-China trade negotiations. The local currency rose to a five-month high against the US dollar.
The benchmark Korea Composite Stock Price Index added 14.01 points, or 0.55 percent, to close at 2,573.80, following a 0.12 percent gain on Friday. The local financial market closed on Monday and Tuesday for the Children's Day and Buddha's Birthday holidays.
Trade volume was moderate at 538.5 million shares worth 8.79 trillion won ($6.29 billion), with gainers closely outnumbering decliners 460 to 415.
Institutions bought a net 348.6 billion won worth of stocks and institutions scooped up a net 87.3 billion won, while individuals dumped a net 464.7 billion won.
Investors were buoyed by the US-China trade talks scheduled for this weekend in Switzerland. US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng will lead their respective negotiations teams.
In Seoul, tech, shipbuilding, tourism and defense shares drove the daily increase.
Tech giant Samsung Electronics rose 0.55 percent to 54,600 won, and its chipmaking rival SK hynix advanced 2.58 percent to 190,800 won.
HD Korea Shipbuilding & Offshore Engineering rose 0.9 percent to 280,000 won, and Hanwha Ocean went up 1.9 percent to 80,400 won.
A stronger local currency pushed up stocks of air carriers and travel agencies. Flagship carrier Korean Air soared 7.86 percent to 22,650 won, and Hana Tour Service jumped 3.9 percent to 53,300 won.
Top defense firm Hanwha Aerospace vaulted 8.8 percent to 890,000 won, and LIG Nex1 added 1.97 percent to 336,500 won.
However, bio shares went south as leading pharma Celltrion dropped 1.29 percent to 160,300 won, and Samsung Biologics declined 4.06 percent to 1.04 million won.
The local currency was trading at 1,398 won against the US dollar at 3:30 p.m., up 7.3 won from the previous session. It marked the highest level since Nov. 30, 2024, when the currency was quoted at 1,394.7 won.
Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 2.9 basis points to 2.253 percent, and the return on the benchmark five-year government bonds dropped 1.5 basis points to 2.379 percent. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
3 hours ago
- Korea Herald
S. Korea to expedite trade negotiations with US: new trade minister
South Korea will expedite the ongoing trade negotiations with the United States with the new government in place, the new trade minister said Thursday, as Seoul has less than a month to make a deal with Washington before the temporary pause of US reciprocal tariffs ends. "As the country now has a new government that has democratic legitimacy and a clear mandate, we will expedite the 'shuttle negotiations' with the US at a trade minister's level," Yeo Han-koo, South Korea's new trade minister, said in his inauguration address. "Through this process, the government will create a new structural framework for mutually beneficial Korea-US cooperation in industry, trade and investment over the next five years." Yeo added he will work to achieve a "pragmatic" and "national interest-oriented" outcome in trade talks with the US with an aim to expand cooperation between the two countries in advanced technologies, such as artificial intelligence (AI) and digital, boost the global competitiveness of Korean industries and foster new growth engines for the economy. The trade ministry will first establish an all-out response system for trade negotiations with the US, expanding the existing task force on the matter to comprehensively cover trade, industry and energy issues, he explained. "In addition, the chief of the working-level representatives on our side will be elevated from the current director level to the first-class senior level," he noted. "As much as South Korea needs the United States, the United States also needs Korea." South Korea has been engaging in trade negotiations with the US on tariffs, non-tariff measures and other issues, with the two sides having agreed to craft a package deal by July 8 -- when US President Donald Trump's administration's suspension of "reciprocal" tariffs will end. The Trump administration slapped South Korea with 25 percent reciprocal tariffs in early April, raising issues with Seoul's big trade surplus with Washington and non-tariff barriers, such as an import ban on American beef from cattle aged 30 months or older and restrictions on the overseas transfer of the country's high-precision map data. (Yonhap)
Korea Herald
4 hours ago
- Korea Herald
Instructure's Canvas LMS Enters South Korea to Strengthen Universities' Global Competitiveness
SEOUL, South Korea, June 12, 2025 /PRNewswire/ -- Instructure, the leading learning ecosystem and creator of Canvas, one of the most used learning management systems worldwide, today announced its entry into the South Korean market. This expansion marks a significant milestone in the company's mission to empower educators and learners worldwide with a secure, scalable, and modern learning management system. The launch in South Korea is made possible through a strategic partnership with Linus, the authorized partner of Canvas in the country, with over 10 years of experience in the Korean education market. Through this collaboration, educational institutions across the country will gain access to Canvas' full suite of tools and services through locally based employees, localized marketing presence, and enhanced language capability. "With Canvas LMS, learners in South Korea will gain access to world-class, student-centered learning experiences that unlock personalized and self-paced education," said Harrison Kelly, Managing Director of Asia Pacific at Instructure. "More importantly, Canvas by Instructure empowers institutions to bridge the gap between academic theory and real-world application, helping them deliver job-aligned content and credentials that prepare students for a rapidly evolving workforce. We're excited to bring all the fully featured LMS capabilities built in Canvas by Instructure to institutions in the country, supported by Linus's local expertise." Built to Scale, Secure by Design Unlike open-source LMS platforms that often rely on custom development and ongoing maintenance, Canvas by Instructure is engineered with a secure, enterprise-grade architecture that ensures long-term agility. With 99.9% annual uptime and hands-free updates, institutions can scale confidently while minimizing operational risks. Open Architecture for Seamless Integration Canvas is designed for extensibility. Through robust APIs and full support for Learning Tools Interoperability (LTI) standards, it integrates effortlessly with leading edtech tools, enabling institutions to build flexible, personalized learning ecosystems. Reliability, Resilience, and Risk Management Canvas provides built-in business continuity features, including automatic updates, disaster recovery, vulnerability patching, and rigorous security protocols—all of which support a reliable and safe learning experience for students and faculty alike. AI That Empowers Educators Canvas is also at the forefront of AI innovation in education. With AI-powered tools that support learner engagement and predictive analytics to help identify at-risk students, Canvas enables educators to personalize learning at scale and enhance student outcomes. "It is a great honor for Linus to become Instructure's first authorized partner in Korea," said Nah Suk Gyu, CEO of Linus. "Through this strong partnership with Instructure, a global leader in education technology, we are now able to contribute to enhancing the global competitiveness of Korean educational institutions with the world-class Canvas LMS." Instructure powers the delivery of education globally and reimagines the technologies that turn teaching and learning into opportunities. Today, the Instructure ecosystem of products connects the dots for educators and institutions by improving educational experiences at every age, every stage and every transitional moment — across K-12, higher education and the workforce. We encourage you to discover more at
Korea Herald
4 hours ago
- Korea Herald
Seoul shares open higher on extended foreign buying
South Korean stocks opened higher Thursday, set for a weeklong rally, on the back of a foreign buying binge amid uncertainties. The benchmark Korea Composite Stock Price Index rose 16.71 points, or 0.57 percent, to 2,923.75 in the first 15 minutes of trading. The KOSPI had risen for a sixth consecutive session to hit a three-year high the previous session. Overnight, Wall Street closed lower amid heightened security risks in the Middle East seen in the United States' plan to partially evacuate its embassy in Iraq and an absence of details on the US-China trade negotiations held earlier this week. High-level officials from Washington and Beijing held talks in London for two days through Tuesday, where they agreed on a possible trade framework that could resolve trade disputes between the two countries. The officials planned to take the matter to their leaders, US President Donald Trump and Chinese leader Xi Jinping, for approval, but many specifics of the deal still remain unclear. In Seoul, tech behemoth Samsung Electronics shed 0.17 percent, while its chipmaking rival SK hynix jumped 2.6 percent. Top automaker Hyundai Motor went up 1.24 percent and its sister Kia climbed 1.65 percent. Defense giant Hanwha Aerospace advanced 1.99 percent and major nuclear power plant manufacturer Doosan Enerbility soared 5.28 percent. Leading shipbuilders also kicked off strong, with Hanwha Ocean surging 4.41 percent and HD Hyundai Heavy rising 0.48 percent. Samsung Biologics, however, dipped 1.15 percent. The local currency was trading at 1,368.5 won against the greenback at 9:15 a.m., up 6.5 won from the previous session. (Yonhap)
