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Business Times
01-08-2025
- Business
- Business Times
Singapore, Malaysia markets rise; South Korea stocks slump 3% as Trump sets new tariff rates
[SINGAPORE] Singapore stocks opened slightly up on Friday (Aug 1), while Malaysia markets jumped and Taiwan slumped, following the announcement of US President Donald Trump's global tariff rates. Malaysia, Thailand and Cambodia were hit by 19 per cent levies , while Taiwan will face a 20 per cent rate on its US exports. The global baseline rate will be kept to 10 per cent. This comes ahead of the Aug 1 deadline. Singapore is likely to remain at the 10 per cent baseline rate, which Prime Minister Lawrence Wong said earlier was 'not ideal' but something the country can 'live with'. The Straits Times Index (STI) had a modest gain of 0.2 per cent shortly after the market opened, up 8.52 points to reach 4182.29. This comes after a 2.3 per cent drop across six days from its record high of 4273.05 last Thursday (Jul 24). The trio of local banks were all marginally up at the open. DBS was up 0.13 per cent or S$0.06 to S$47.97. UOB was up 0.44 per cent or S$0.16 at S$36.35, and OCBC was up 0.47 per cent or S$0.08 at S$16.95. Pre-market open, OCBC announced second-quarter profit fell 7 per cent to S$1.82 billion and declared a quarterly dividend of S$0.41 a share. Among Asia markets, Korea's KOSPI Index slumped as much as 3.89 per cent to 3127.79 points but was last down 2.93 per cent at 3,150.32. Trump had said on Wednesday that the US would charge a 15 per cent tariff on imports from South Korea. Taiwan's Taiex index also dived 1.6 per cent initially but last dropped 0.88 per cent at 23,335.55 points, while Malaysia's Kuala Lumpur Composite Index was up 0.66 per cent at 1,523.27 points. The Singapore dollar continued its week-long rise at 1.2975 per US dollar, up from 1.2768 on Wednesday (Jul 23). Spot gold traded 0.05 per cent higher around US$3,292 as at 9.16 am.
BusinessToday
28-06-2025
- Business
- BusinessToday
KOSPI Retreats On Profit-Taking After Strong Rally
South Korea's benchmark KOSPI Index ended lower on June 27, slipping 0.77% to close at 3,055.94, as investors opted to take profits following a robust June rally that had pushed the index above 3,100 earlier in the week. This marks the second consecutive session of losses, driven largely by broad-based selling in battery, auto and tech sectors. Foreign investors were net sellers, offloading around 855.4 billion won worth of shares, while institutional and retail investors absorbed some of the pressure with net combined purchases of approximately 805 billion won. Despite the pullback, the KOSPI remains up around 15% for the month, bolstered by easing geopolitical tensions and increased institutional inflows that had earlier sent the index to its highest levels in over three years. Battery and automotive stocks led the decline, with LG Energy Solution falling nearly 3% and Hyundai Motor dropping 2.15%, as investors locked in gains. In tech, Samsung Electronics edged up 1%, but SK hynix lost 3.07%, reflecting mixed sentiment in the semiconductor space. Internet giant Naver dipped 1.3%, while SK Innovation slid 2.5% amid broader weakness in energy shares. The recent decline is widely viewed as a natural correction after June's sharp gains. Markets are also awaiting global signals, particularly from the US Federal Reserve, whose next policy steps could influence foreign capital flows into emerging markets like South Korea. At home, recent economic data, including a 0.6% rise in the Leading Economic Index for April, suggest a gradual improvement in macro conditions. Outlook: With the KOSPI still comfortably above the key psychological level of 3,000, analysts believe the index may consolidate in the near term as traders assess global economic cues and domestic earnings updates. Volatility may persist ahead of key data releases and geopolitical developments, but underlying investor appetite remains firm. Related
