Seoul shares snap 7-day winning streak on profit-taking amid tariff woes
Seoul shares snapped their seven-session winning streak Thursday after Trump's comments on tariffs and the Federal Reserve's cautious stance on rate cuts. The Korean won rose against the US dollar.
The benchmark Korea Composite Stock Price Index fell 17.46 points, or 0.65 percent, to close at 2,654.06.
Trade volume was moderate at 517.33 million shares worth 14.06 trillion won ($9.7 billion), with winners outnumbering losers 451 to 414.
Institutions and foreigners sold a combined 393 billion won worth of stocks, offsetting individuals' stock purchases valued at 297.95 billion won.
US President Donald Trump said on Wednesday he will announce fresh tariffs on cars, semiconductors and pharmaceuticals over the next month or sooner.
He recently ordered a 25 percent tariff on all steel and aluminum imports, escalating worries over a global trade war.
If imposed, US tariffs are expected to definitely hit related industries in South Korea.
The latest minutes from the Fed that showed fresh caution on rate cuts also weighed on investor sentiment, analysts said.
"The main index ended in negative territory but didn't fall sharply as investors expect possible negotiations between the Trump government and major trading partners (of the US) over new tariffs next month," No Dong-kil, an analyst at Shinhan Securities Co., said.
In Seoul, tech and auto stocks led declines.
Market behemoth Samsung Electronics fell 0.51 percent to 58,400 won, and No. 2 chipmaker SK hynix declined 2.97 percent to 212,000 won.
Top carmaker Hyundai Motor fell 0.49 percent to 203,000 won, and leading shipbuilder HD Hyundai Heavy Industries plunged 11.96 percent to 305,500 won.
Among gainers, leading battery maker LG Energy Solution rose 2.87 percent to 376,500 won, and leading refiner SK Innovation climbed 1.08 percent to 131,400 won.
The local currency was quoted at 1,437.90 won against the greenback at 3:30 p.m., up 0.6 won from the previous session. (Yonhap)
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