Latest news with #KOSPI
Korea Herald
a day ago
- Business
- Korea Herald
Seoul shares end lower on retail selling amid tariff worries
Seoul shares closed lower Friday as investors remained cautious over US President Donald Trump's latest tariff threat. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index fell 4.22 points, or 0.13 percent, to close at 3,188.07. The main index rose 0.39 percent for the week. Trade volume was moderate at 389.98 million shares worth 11.84 trillion won ($8.5 billion). Decliners outnumbered gainers 589 to 303. The KOSPI reversed earlier gains after opening higher, tracking overnight gains on Wall Street. The Dow Jones Industrial Average rose 0.52 percent and the tech-heavy Nasdaq composite climbed 0.75 percent. Individuals sold a net 340.72 billion won worth of stocks, offsetting stock purchases by institutions and foreigners of 61.85 billion won and 187.72 billion won, respectively. Trump recently notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer sweetened terms in ongoing negotiations. Investors are awaiting second-quarter earnings results from major companies in the coming weeks for clues on the market's direction, while keeping an eye on further developments in US trade policy, analysts said. In Seoul, large-cap stocks were mixed. Leading shipbuilder HD Hyundai fell 2.18 percent to 134,800 won, and state-run utility firm Korea Electric Power Corp. declined 0.68 percent to 36,250 won. National flag carrier Korean Air dropped 0.95 percent to 25,950 won, and No. 1 shipping firm HMM shed 0.99 percent to 25,000 won. Among gainers, top carmaker Hyundai Motor rose 0.24 percent to 210,500 won and market behemoth Samsung Electronics climbed 0.6 percent to 67,100 won. Leading steelmaker Posco Holdings gained 1.14 percent to 311,000 won, and leading battery firm LG Energy Solution rose 1.74 percent to 322,500 won. The local currency was quoted at 1,393.00 won against the greenback at 3:30 p.m., down 0.4 won from the previous session. (Yonhap)
Mint
2 days ago
- Business
- Mint
South Korean shares fall on financials, US trade caution
KOSPI falls, foreigners net sellers Korean won strengthens against dollar South Korea benchmark bond yield falls SEOUL, - Round-up of South Korean financial markets: ** South Korean shares dropped on Friday, weighed down by dour performances among financials, as investors remained on the sidelines ahead of fresh signals on U.S. trade discussions. ** The benchmark KOSPI was down 17.96 points, or 0.56%, at 3,174.33, as of 0211 GMT. ** The KOSPI is poised to end the week largely flat, if the current momentum holds. ** "There is resistance around the 3,200 level of the previous high," Kiwoom Securities analysts said in a note. ** U.S. President Donald Trump's latest U.S. tariff threats kept investors on edge, with South Korea facing 25% duties if no deal is reached by August 1. ** Securities firms dropped 3.19% and the financials' sub-index lost 1.76%, retreating after recent gains on optimism over President Lee Jae Myung's market reform agenda. ** Earlier this week, South Korea adopted a revision to its Commercial Act and launched a task force aimed at securing developed market status from a global index provider, in a bid to tackle the undervaluation of local stocks versus global peers. ** Shares of KB Financial Group, Shinhan Financial Group and Woori Financial Group < dropped more than 1% each. ** Among other index heavyweights, chipmaker Samsung Electronics was trading flat, while peer SK Hynix edged 0.19% higher. Shares of battery maker LG Energy Solution climbed 1.26%. ** Hyundai Motor and sister automaker Kia Corp were down 0.71% and 0.3%, respectively. Steelmaker POSCO Holdings added 1.63%, while drugmaker Samsung BioLogics lost 1.68%. ** Of the total 933 traded issues, 202 shares advanced, while 689 declined. ** Foreigners were net sellers of shares worth 41.6 billion won . ** The won was quoted at 1,391.1 per dollar on the onshore settlement platform, 0.08% higher than its previous close at 1,392.2. ** In money and debt markets, September futures on three-year treasury bonds gained 0.04 point to 107.14. ** The most liquid three-year Korean treasury bond yield fell by 0.3 basis point to 2.477%, while the benchmark 10-year yield fell 2.3 basis points to 2.881%. This article was generated from an automated news agency feed without modifications to text.
New Straits Times
2 days ago
- Business
- New Straits Times
South Korea's top court clears Samsung Chairman Lee in 2015 merger fraud case
SEOUL: South Korea's top court cleared Samsung Electronics Chairman Jay Y. Lee of accounting fraud and stock manipulation on Thursday, permanently removing a long-running legal risk for the head of the country's biggest company. The Supreme Court upheld an appeals court's ruling dismissing all charges in the case involving a US$8 billion merger in 2015, freeing Lee to focus on Samsung's push to catch up in a global race to develop cutting-edge AI chips. A lower court last year had also cleared Lee of the charges relating to a deal between two Samsung affiliates, Samsung C&T and Cheil Industries, which prosecutors said was designed to cement Lee's control of the tech giant. "The Supreme Court ruling clears a layer of legal uncertainty, which could be a long-term positive for Samsung," said Ryu Young-ho, a senior analyst at NH Investment & Securities. "It remains to be seen how directly and proactively he will engage going forward, but if the owner takes a more active role, it could allow management to focus more on long-term initiatives rather than short-term results," Ryu added. Samsung Electronics shares closed up 3.1 per cent, outperforming a near-flat benchmark KOSPI. Analysts attributed the rise to the removal of legal uncertainty surrounding Samsung, as well as investors switching to the company after Goldman Sachs downgraded local rival SK Hynix, sending its shares down as much as 9.5 per cent. The Supreme Court verdict was widely expected, but comes at a critical moment for Lee, who has faced mounting questions about his ability to lead Samsung Electronics – the world's top memory chip and No. 2 smartphone maker. Samsung's lawyers said they were "sincerely grateful" to the court for its decision and added in a statement that the ruling confirmed that the merger was legal. For nearly a decade, Lee has faced legal challenges, including those from the merger that paved the way for his succession after his father, Lee Kun-hee, had a heart attack in 2014 that left him in a coma. BILLIONAIRE PREVIOUSLY PARDONED Business lobby groups welcomed the court's decision, framing it as a stabilising development for the South Korean economy. The Korea Enterprises Federation said the ruling removes a major legal burden for Samsung and comes at a time of intensifying global competition in high-tech industries like AI and semiconductors as well as economic pressure from US trade tariffs. "Samsung's role as a leading South Korean company is more critical than ever," the group said in a statement. The group said it hoped Samsung, under Lee's leadership, would step up investment and innovation, helping to create jobs and bolster South Korea's economic rebound. Lee, 57, spent 18 months in jail for bribery in a separate case related to former President Park Geun-hye, but was pardoned by then-President Yoon Suk Yeol, with the Justice Ministry citing a need for the billionaire businessman to help overcome a national economic crisis. The family-run conglomerates – or chaebols – have long been revered for helping transform South Korea into a global economic powerhouse, but also criticised for opaque dealings and for stifling small businesses and start-ups. Earlier this month, Samsung projected a worse-than-expected 56 per cent plunge in second-quarter operating profit due to weak AI chip sales, deepening investor concerns over the tech giant's ability to revive its struggling semiconductor business. Park Ju-gun, head of corporate analysis firm Leaders Index, said Lee now faces dual challenges of tightening his grip on the conglomerate while steering Samsung back to leadership in key sectors. "He must both defend Samsung's core businesses and find new growth engines, all while consolidating his control," Park said.
The Star
3 days ago
- Business
- The Star
Asia shares struggle, dollar soars on lowered Fed rate cut bets
TOKYO: Asian stock markets were under pressure on Wednesday while the dollar climbed to its firmest against the yen since early April, after U.S. inflation suggested tariffs are pushing prices up, dampening expectations for Federal Reserve policy easing. U.S. Treasury yields ticked to the highest in more than a month, lifting the dollar against the yen in particular. However, tech shares remained resilient following a 4% rally in artificial intelligence darling Nvidia overnight. Brent crude continued to hover around $69 per barrel. Data on Tuesday showed U.S. consumer prices rose 0.3% in June, in line with forecasts, but the largest gain since January. Economists attributed the rise in prices across goods such as coffee and home furnishings to the Trump administration's escalating import tariffs. The Fed has been keeping interest rates steady as it has waited for indications of the inflationary impact from tariffs, which Chair Jerome Powell had said he expected in the summer. "We know the revealed preference of Fed Chair Powell, along with a few of his colleagues, is to wait for these tariff impacts to come through, and those in that camp are seeing that view bolstered by this data," Taylor Nugent, senior economist at National Australia Bank, said in a podcast. As a result, markets saw "a fairly significant trimming of Fed expectations" for rate cuts, knocking back so-called risk assets such as equities, Nugent said. Traders currently price in 44 basis points of U.S. rate reductions for the rest of this year, with 56.5% odds of a quarter-point cut in September. Investors will now carefully monitor producer price data due later on Wednesday, looking for signs of whether inflationary pressures are also building on the factory floor. Australia's equity benchmark lost 0.8% and South Korea's KOSPI slumped 1%. Mainland Chinese blue chips slipped 0.5% and Hong Kong's Hang Seng was flat after giving up early gains. Japan's tech- and exporter-heavy Nikkei was little changed after alternating between small gains and losses, with the weak yen offering support. Taiwan's tech-heavy benchmark added 0.9%. U.S. S&P 500 futures eased 0.2%, after a 0.4% decline for the cash index overnight. Pan-European STOXX 50 futures pointed 0.3% lower. Beyond the Fed and U.S. President Donald Trump's tariffs, the earnings season is another focal point for investors. Results from JPMorgan Chase and Citigroup beat expectations, but were met with a mixed market response. Wells Fargo cut its 2025 net interest income guidance even as it beat second-quarter profit expectations. Bank earnings due on Wednesday include Goldman Sachs, Morgan Stanley and Bank of America. U.S. 10-year Treasury yields rose as high as 4.495% on Wednesday, the highest since June 11. The dollar stuck close to a multi-week high against major peers. The dollar index was little changed at 98.525 after rising as high as 98.699 on Tuesday for the first time since June 23. The U.S. currency was steady at 148.835 yen, and earlier rose to 149.19 yen for the first time since April 3, in the aftermath of Trump's "Liberation Day" tariff announcement. The euro rebounded 0.2% to $1.1619, trying to pull away from Tuesday's three-week low of $1.1593. Cryptocurrency bitcoin added about 1% to $117,890, as it stabilised following its 6% pullback earlier this week from Monday's all-time high of $123,153.22. Gold added 0.5% to trade around $3,338 an ounce. Brent crude futures fell 18 cents to $68.89 a barrel, while U.S. West Texas Intermediate crude futures declined 31 cents to $66.83 a barrel. Both contracts settled more than $1 lower in the previous session. - Reuters
Japan Today
3 days ago
- Business
- Japan Today
Asian shares mixed after Nvidia nudges Nasdaq to a record, while other U.S. stocks slump
A currency trader works near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Tuesday, July 15, 2025. (AP Photo/Ahn Young-joon) By ELAINE KURTENBACH Shares in Asia traded mixed on Wednesday after an update on U.S. inflation pulled most Wall Street stocks lower, though gains for Nvidia pushed the Nasdaq to another record. Tokyo's Nikkei 225 edged less than 0.1% lower, to 39,663.40. Investors are focusing on the potential impact of an election for the Upper House of Parliament on Sunday that is expected to lead to tax cuts and higher spending as lawmakers try to restore the waning popularity of the ruling Liberal Democrats. Worries over a deterioration in Japan's fiscal health have pushed yields of long-term Japanese government bonds to their highest levels in years. 'What's at stake isn't simply which party hands out the biggest bundle of goodies. It's whether the walls holding up Japan's house of debt can withstand another round of fiscal fireworks…' Stephen Innes of SPI Asset Management said in a commentary. Elsewhere in Asia, Hong Kong's Hang Seng added 0.1% to 24,618.23 while the Shanghai Composite index slipped 0.1% to 3,503.78. South Korea's Kospi lost 0.9% to 3,186.38 and in Australia, the S&P/ASX 200 declined 0.8% to 8,561.80. Taiwan's Taiex jumped 0.9% and India's Sensex was flat. Thailand's SET also was little changed. In Jakarta, shares rose 0.4% after President Donald Trump said on Truth Social that he plans to tariff imports from Indonesia at 19%, while American goods sent to the Southeast Asian country will face no tariffs. Trump also said Indonesia committed to buying U.S. energy, agricultural products and aircraft. On Tuesday, the S&P 500 fell 0.4% to 6,243.76, but stayed near its all-time high set last week, as 90% of the stocks within the index fell. The Dow Jones Industrial Average dropped 1% to 44,023.29. The Nasdaq composite rose 0.2% to a record 20,677.80 thanks to Nvidia, the market's most influential stock. Nvidia said the U.S. government has assured it that licenses will be granted for its H20 chip, used for artificial intelligence, again and that deliveries will hopefully begin soon. Its 4% gain was by far the strongest force pushing upward on the S&P 500. Stocks of big U.S. banks were mixed following their latest profit reports. JPMorgan Chase slipped 0.7% despite reporting a stronger profit than analysts expected, as CEO Jamie Dimon warned of risks to the economy because of tariffs and other concerns. Citigroup rose 3.7% following its better-than-expected profit report. But Wells Fargo fell 5.5% following its own, as it trimmed its forecast for an important way that it makes money. A report showed inflation in the United States accelerated to 2.7% last month from 2.4% in May as prices rose for clothes, toys and other goods that usually are imported. Economists say prices may be rising because of stiff tariffs that President Donald Trump has proposed on other countries. Treasury yields yo-yoed after the report and then began rising. The yield on the 10-year Treasury climbed to 4.48% from 4.43% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for what the Federal Reserve will do with short-term interest rates, rose to 3.95% from 3.90%. Higher inflation could inhibit interest rate cuts by the Fed. It has been keeping rates on hold this year after cutting them at the end of last year. That's because lower rates can give inflation more fuel, along with a boost for the economy. Wall Street loves lower rates because they goose prices higher for stocks and other investments, and Trump himself has been clamoring for the Fed to cut more quickly. Fed Chair Jerome Powell, though, has been adamant that he wants to wait for more data about how tariffs affect the economy and inflation. Following Tuesday's inflation report, traders are still overwhelmingly betting that the Fed will cut its main interest rate by the end of the year. But they pulled back their bets on the number of potential cuts, according to data from CME Group. In other dealings early Wednesday, U.S. benchmark crude oil picked up 42 cents to $66.94 per barrel. Brent crude, the international standard, was up 30 cents at $69.01 per barrel. The dollar fell to 148.66 Japanese yen from 148.87 yen. The euro was at $1.1627, up from $1.1602. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
