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Korea Herald
7 days ago
- Business
- Korea Herald
Kospi hits year-high on postelection optimism
South Korea's benchmark Kospi surged to a year-high as of press time on Wednesday, driven by political clarity following President Lee Jae-myung's election victory. The Kospi stood at 2,764.34 as of 2 p.m. Wednesday, marking a gain of 65.3 points, or 2.42 percent, from the previous trading session on Monday. The Korean bourse was closed on Tuesday in observance of the presidential election. The index opened at 2,737.92, trading higher from the outset as bullish sentiment carried over from the premarket hours. It continued to gain momentum throughout the morning session, reaching as high as 2,768.37 during intraday trading. This marks the first time the Kospi has surpassed the 2,760 threshold since August 2024. Foreign and institutional investors were net buyers on the day, purchasing 668 billion won ($486 million) and 441 billion won worth of shares on the benchmark index, respectively. Retail investors were the only net sellers, offloading 1.07 trillion won worth of stocks to lock in profits. Amid the market upturn, bellwether Samsung Electronics rose to 57,550 won, up 1.23 percent as of 2 p.m. Its crosstown rival SK hynix jumped 5.5 percent to 219,000 won. The secondary Kosdaq index stood at 750.42 as of 2 p.m., rising 10.13 points, or 1.37 percent, from the previous session. It opened at 749.13 and touched a day-high of 752.75 during intraday trading before paring some gains. 'In the next two to three weeks, the market will assess the likelihood of President Lee Jae-myung addressing the Korea discount and potentially driving the Kospi toward the 5,000-point milestone, while keeping a close eye on key pledges such as Commercial Act reforms and mandated cancellation of treasury shares,' said Han Ji-young, an analyst at Kiwoom Securities. Though the Korean won was expected to gain strength following Lee's victory, which reduced political uncertainty that had weighed on its valuation, the currency remained largely flat throughout the day as the strengthening US dollar offset its appreciation. The greenback rebounded from a six-week low on Tuesday after recent data reinforced the resilience of the US labor market. As of 2 p.m., the Korean won was quoted at 1,374.03 per dollar, gaining approximately 3 won from the previous trading session. It opened at 1,375.9 per dollar. 'Since all major presidential candidates had emphasized boosting domestic demand, the election outcome was not expected to have a significant impact on the currency exchange path,' said Lee Joo-woon, an economist at Daishin Securities. 'The political uncertainty had already been resolved with the impeachment of former President Yoon Suk Yeol and the scheduling of an early presidential election. 'However, the implementation of policies that had been stalled paves the way for economic recovery, which is expected to support further appreciation of the Korean won.'
Korea Herald
19-05-2025
- Automotive
- Korea Herald
Seoul shares fall on US credit downgrade jitters
South Korean stocks closed markedly lower Monday as investors grew cautious over the impact of global credit rating agency Moody's downgrade of the United States' credit rating. The local currency weakened against the US dollar. The benchmark Korea Composite Stock Price Index lost 23.45 points, or 0.89 percent, to close at 2,603.42. Trade volume was thin at 309.7 million shares worth 6.69 trillion won ($4.79 billion), with losers beating winners 642 to 240. The index opened lower and extended its losses to drop more than 1.2 percent before trimming some of the earlier declines. Institutions and foreign investors sold off a net 194.76 billion won and 113.88 billion won worth of stocks, respectively, while individuals bought 298.67 billion won worth of shares. Investor sentiment was dampened by news that Moody's downgraded the US sovereign credit rating by one notch, from Aaa to Aa1, on Friday, citing concerns over the country's ballooning deficit and rising interest costs. "The rating downgrade could trigger a market correction, though it is expected to remain a short-term factor," Han Ji-young, a researcher at Kiwoom Securities, said. South Korea's finance ministry warned of heightened volatility and pledged to closely monitor financial and foreign exchange markets, while noting that the downgrade is expected to have only a limited impact. Tech and auto shares lost ground to weigh on the index. Market bellwether Samsung Electronics fell 1.76 percent to 55,800 won, and its rival SK hynix sank 2.49 percent to 199,400 won. Top carmaker Hyundai Motor tumbled 1.44 percent to 191,000 won, and its sister Kia Motors dipped 0.54 percent to 91,500 won. Defense giant Hanwha Aerospace shed 0.24 percent to 839,000 won, and No. 1 steelmaker POSCO Holdings retreated 0.81 percent to 245,500 won. Top online portal operator Naver decreased 1.28 percent to 185,400 won. Bio shares finished mixed. Leading biotech firm Samsung Biologics soared 2.59 percent to 1.03 million won, while Celltrion remained unchanged at 154,000 won. But major battery maker LG Energy Solution rose 0.34 percent to 291,500 won, and leading chemical firm LG Chem climbed 1.14 percent to 195,800 won. The local currency was quoted at 1,397.8 won against the greenback at 3:30 p.m., down 8.2 won from the previous session. (Yonhap)
Korea Herald
28-04-2025
- Business
- Korea Herald
Seoul shares rise for 2nd day amid cautious tariff optimism
South Korean stocks finished marginally higher Monday as investors assessed last week's talks between South Korea and the United States on the latter's sweeping tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 2.56 points, or 0.1 percent, to close at 2,548.86. Trade volume was moderate at 449.07 million shares worth 7.73 trillion won ($5.35 billion), with losers beating winners 519 to 366. The index opened markedly higher and moved within a tight range throughout the session. Institutions purchased a net 95.99 billion won worth of stocks, while individuals and foreigners shed 55.25 billion won and 107.82 billion won worth of shares, respectively. "The market has been digesting tariff-related noise through a series of price adjustments. Now, investors are also focusing on corporate earnings, and sector-specific divergence is expected to become more pronounced," said Han Ji-young, an analyst at Kiwoom Securities. During the first round of tariff talks held in Washington on Thursday, South Korea and the US agreed to make joint efforts to craft a "package" deal on new US tariffs and economic cooperation issues by July 8, when the 90-day pause of US President Donald Trump's administration's sweeping tariffs is set to be lifted. Working-level talks will kick off this week for setting details. Top-cap shares traded mixed. Tech giant Samsung Electronics edged up 0.18 percent to 55,800 won, while its rival SK hynix sank 1.3 percent to 182,000 won. Major battery maker LG Energy Solution rose 0.73 percent to 346,000 won, but leading chemical firm LG Chem shed 1.56 percent to 221,000 won. Leading biotech firm Samsung Biologics increased 0.19 percent to 1.04 million won, while Celltrion shed 0.19 percent to 158,000 won. Shipbuilders fell on profit-taking. Leading shipbuilder HD Hyundai Heavy lost 0.87 percent to 399,500 won, and its rival Hanwha Ocean dipped 0.67 percent to 89,300 won. But carmakers finished higher. Top carmaker Hyundai Motor edged up 0.11 percent to 189,000 won, and its sister Kia Motors climbed 0.57 percent to 88,700 won. Industry leader steelmaker Posco Holdings climbed 0.96 percent to 262,500 won, and top online portal operator Naver jumped 1.03 percent to 195,500 won. No. 1 mobile carrier SK Telecom nose-dived 6.75 percent to 53,900 won following a recent network hacking incident. The local currency was quoted at 1,442.6 won against the greenback at 3:30 p.m., down 6.1 won from the previous session. (Yonhap)
Korea Herald
18-04-2025
- Business
- Korea Herald
Seoul shares end higher on hopes for smooth US tariff negotiations
South Korean stocks finished higher Friday as investors bet on smooth tariff negotiations between the United States and its trading partners. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 13.01 points, or 0.53 percent, to close at 2,483.42. Trade volume was light at 444 million shares worth 5.5 trillion won ($3.87 billion), with winners beating losers 619 to 247. Institutions purchased a net 81.4 billion won worth of stocks, while foreign and retail investors together sold a net 136.2 billion won. Investors are focusing on developments in Washington's country-specific trade negotiations, starting with Japan earlier this week. "The fact that negotiations with Japan and European Union countries are proceeding without major friction increases the likelihood that tariff-driven downside risks to the economy may be eased," said Han Ji-young, an analyst at Kiwoom Securities. Automotive and defense equipment shares led the overall gains, with Hyundai Motor jumping 3.03 percent to 187,200 won and Hanwha Aerospace rising 1.47 percent to 828,000 won. Financial shares and internet portal shares also advanced. Kookmin Financial climbed 2.62 percent to 82,400 won, and top portal operator Naver added 2.12 percent to end at 187,500 won. Market cap Samsung Electronics rose 0.36 percent to 55,300 won, while chip rival SK hynix remained unchanged at 175,000 won. In contrast, battery and bio shares declined. Top battery manufacturer LG Energy Solution slid 1.31 percent to 338,000 won, and Samsung Biologics dropped 0.94 percent to 1,049,000 won. The local currency was trading at 1,423.3 won against the US dollar at 3:30 p.m., down 4.4 won from the previous session. (Yonhap)
Korea Herald
16-04-2025
- Automotive
- Korea Herald
Seoul shares end sharply lower following US restriction on chip exports to China
South Korean stocks ended over 1 percent lower Wednesday, snapping a two-day winning streak, as investors unloaded chip shares following Washington's decision to restrict Nvidia's artificial intelligence chip exports to China. The Korean fell against the US dollar. The benchmark Korea Composite Stock Price Index shed 29.98 points, or 1.21 percent, to close at 2,447.43. Trade volume was moderate at 601 million shares worth 6.66 trillion won ($4.67 billion), with losers beating winners 574 to 301. Institutions and foreign investors sold a combined net 473 billion won worth of stocks, while retail investors bought a net 381.5 billion won. Overnight, Wall Street closed slightly lower as lingering tariff uncertainty swayed investors to move to the sidelines. The S&P 500 fell 0.17 percent, the Dow Jones Industrial Average shed 0.38 percent, and the tech-heavy Nasdaq composite slid 0.05 percent. Nvidia's stock plunged almost 6 percent in after-hours trading, following the US government's decision to restrict exports of the American chip behemoth's advanced H20 AI chips to China. "News that the US government has decided to restrict exports of Nvidia's H20 chip has contributed to volatility in the South Korean stock market," said Han Ji-young, an analyst at Kiwoom Securities. In Seoul, semiconductor and automotive shares led the overall decline. Market heavyweight Samsung Electronics plummeted 3.36 percent to 54,700 won, and its chip rival SK hynix plunged 3.65 percent to 174,000 won on the news of the US export curbs. Top automaker Hyundai Motor retreated 2.83 percent to 181,700 won, and affiliate Kia slid 1.28 percent to 84,700 won. Leading bio firm Samsung Biologics fell 1.06 percent to 1,023,000 won, and top battery manufacturer LG Energy Solution dropped 0.58 percent to 343,000 won. In contrast, financial and defense equipment shares advanced. Kookmin Financial climbed 2.56 percent to 80,000 won, while missile systems manufacturer Hanwha Aerospace rose 2.2 percent to 788,000 won following its announcement to establish a missile joint venture with Poland's WB Group. The local currency was quoted at 1,426.7 won against the US dollar at 3:30 p.m., down 1.2 won from the previous session. (Yonhap)
