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Korea Herald
16 hours ago
- Automotive
- Korea Herald
Seoul shares snap 6-day winning streak after US tariff deal
South Korean stocks ended their six-day winning streak Thursday on profit-taking, as investors assessed the impact of the long-awaited tariff deal between Seoul and Washington on the industry and the broader economy. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 9.03 points, or 0.28 percent, to close at 3,245.44, after hitting a four-year high in the previous session. Trade volume was heavy at 536.75 million shares worth 16.29 trillion won ($9.31 billion), with losers beating winners 466 to 405. The index opened higher and had risen by about 1 percent after the two nations announced an agreement that would impose a 15 percent tariff on South Korean imports. US President Donald Trump earlier had threatened to impose a 25 percent levy. But earlier gains were all pared on heavy selling by institutions. Institutions sold a net 705.36 billion won worth of shares, while foreign and retail investors bought a net 344.41 billion won and 223.67 billion won worth of shares, respectively. "Market uncertainties have eased, but the deal was somewhat expected and largely priced in," said Han Ji-young, a researcher at Kiwoom Securities. "Going forward, corporate strategies and export trends will likely affect the market." Top-cap shares traded mixed. Market bellwether Samsung Electronics fell 1.65 percent to 71,400 won, while chip giant SK hynix surged 3.8 percent to 273,500 won. Major battery maker LG Energy Solution dipped 2.67 percent to 382,500 won, and leading pharmaceutical firm Samsung Biologics slid 2.82 percent to 1.07 million won. Defense giant Hanwha Aerospace jumped 1.94 percent to 996,000 won, and nuclear power plant manufacturer Doosan Enerbility advanced 2.98 percent to 65,600 won. But No. 1 steelmaker Posco sank 1.44 percent to 308,500 won. Carmakers lost ground amid concerns about the US' item-specific tariffs. Top automaker Hyundai Motor sank 4.48 percent to 213,000 won, while its sister Kia nose-dived 7.34 percent to 102,300 won. But shipbuilders gathered ground on hopes for stronger cooperation with the US Leading shipbuilder HD Hyundai Heavy soared 4.14 percent to 490,500 won, and its rival Hanwha Ocean spiked 13.43 percent to 112,300 won. The local currency was quoted at 1,387 won against the greenback at 3:30 p.m., down 3.9 won from the previous session. (Yonhap)
Korea Herald
2 days ago
- Business
- Korea Herald
Seoul shares extend winning streak to 6th day amid looming US tariff deadline
South Korean stocks rose for a sixth consecutive session to the highest level in about four years on Wednesday, led by tech gains, as investors await a deal between Seoul and Washington over the Donald Trump administration's aggressive tariff scheme. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 23.9 points, or 0.74 percent, to close at 3,252.47, extending its winning streak to a sixth session. The reading marked the highest level since Aug. 9, 2021, when the index closed at 3,260.42. Trade volume was moderate at 335.65 million shares worth 12.88 trillion won ($9.31 billion), with winners beating losers 474 to 406. The index opened slightly higher, despite overnight losses on Wall Street, and extended gains further. Foreign and institutional investors bought a net 580.58 billion won and 330.81 billion won worth of shares, respectively, while retail investors sold a net 984.91 billion won. "As investors assess corporate earnings reports, differentiated stock movements within sectors are expected, depending on individual company performance," said Han Ji-young, a researcher at Kiwoom Securities. Eyes are also on ongoing tariff talks between South Korea and the United States, with just two days remaining until the Aug. 1 deadline for a deal before the US starts imposing reciprocal tariffs, including a 25 percent duty on South Korean imports. In the latest round of meetings, Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo held two-hour talks with US Commerce Secretary Howard Lutnick in Washington on Tuesday. Koo is scheduled to meet with US Treasury Secretary Scott Bessent in Washington on Thursday for a potential showdown, while Foreign Minister Cho Hyun also plans to meet with Secretary of State Marco Rubio. Tech and auto shares led the overall market advance. Market bellwether Samsung Electronics rose 2.83 percent to 72,500 won, and chip giant SK hynix added 0.38 percent to 263,500 won. Major battery maker LG Energy Solution added 0.26 percent to 393,000 won on news that it signed a $4.3 billion contract to supply Tesla with lithium iron phosphate batteries for energy storage systems. Leading pharmaceutical firm Samsung Biologics advanced 0.92 percent to 1.1 million won. Top automaker Hyundai Motor surged 2.29 percent to 223,000 won, while its sister Kia spiked 4.45 percent to 110,400 won. Top financial firm KB Financial went up 1.35 percent to 112,800 won. But defense giant Hanwha Aerospace sank 2.1 percent to 977,000 won on profit taking, and nuclear power plant manufacturer Doosan Enerbility skidded 2.15 percent to 63,700 won. Leading shipbuilder HD Hyundai Heavy decreased 0.53 percent to 471,000 won, while No. 1 steelmaker POSCO sank 1.11 percent to 313,000 won. The local currency was quoted at 1,383.1 won against the greenback at 3:30 p.m., up 7.9 won from the previous session. (Yonhap)
Korea Herald
3 days ago
- Business
- Korea Herald
Seoul shares hit 4-yr high despite US tariff uncertainty
South Korean stocks climbed to the highest level in nearly four years Tuesday, buoyed by strong foreign buying, as last-minute negotiations are under way between Seoul and Washington over the Donald Trump administration's aggressive tariff scheme. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 21.05 points, or 0.66 percent, to close at 3,230.57, extending its winning streak to a fifth session. The reading marks the highest level since Aug. 19, 2021, when the index finished at 3,243.19. Trade volume was moderate at 369.74 million shares worth 12.66 trillion won (US$9.09 billion), with winners beating losers 468 to 409. The index opened lower as investors await key developments in tariff talks, with just three days remaining until the Aug. 1 deadline for a deal before the US starts imposing reciprocal tariffs, including a 25 percent duty for South Korea. The Kospi soon turned higher on the back of solid foreign buying and maintained the momentum. Offshore and institutional investors bought a net 604.78 billion won and 116.98 billion won worth of shares, respectively, while retail investors sold a net 827 billion won. "The domestic stock market is expected to continue showing sectoral divergence amid a wait-and-see stance ahead of a tariff deal," said Han Ji-young, a researcher at Kiwoom Securities. Finance Minister Koo Yun-cheol said that he would try to derive a "mutually beneficial" agreement with the United States as he left for Washington to meet with Treasury Secretary Scott Bessent on Thursday (US time). Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo continued to engage in intensive negotiations with their US counterparts, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer. Most big-cap shares gathered ground. Market bellwether Samsung Electronics rose 0.28 percent to 70,600 won, while chip giant SK hynix added 0.19 percent to 262,500 won. Major battery maker LG Energy Solution surged 3.02 percent to 392,000 won, and leading pharmaceutical firm Samsung Biologics advanced 1.97 percent to 1.09 million won. Defense giant Hanwha Aerospace soared 4.72 percent to 998,000 won, and nuclear power plant manufacturer Doosan Enerbility climbed 2.52 percent to 65,100 won. Top financial firm KB Financial went up 0.72 percent to 111,300 won. Carmakers ended mixed. Top automaker Hyundai Motor shed 0.23 percent to 218,000 won, while its sister Kia gained 0.19 percent to 105,700 won. Leading shipbuilder HD Hyundai Heavy jumped 1.94 percent to 473,500 won, while its rival Hanwha Ocean lost 0.82 percent to 96,800 won. The local currency was quoted at 1,391.0 won against the greenback at 3:30 p.m., down 9.0 won from the previous session. (Yonhap)
Business Recorder
3 days ago
- Business
- Business Recorder
South Korean shares little changed ahead of US trade talks
SEOUL: Round-up of South Korean financial markets: South Korean shares struggled for momentum on Tuesday as investors refrained from taking big bets ahead of the country's trade negotiations with the United States. The won weakened, while the benchmark bond yield fell. The benchmark KOSPI was up 5.49 points, or 0.17%, at 3,215.01, as of 0222 GMT. South Korean Finance Minister Koo Yun-cheol said he would try to derive a mutually beneficial trade agreement with the United States, in comments ahead of his departure to Washington to meet U.S. Treasury Secretary Scott Bessent on Thursday. 'There is a wait-and-see mood ahead of South Korea-U.S. negotiations,' said Han Ji-young, an analyst at Kiwoom Securities. Among index heavyweights, chipmaker Samsung Electronics fell 0.14%, while peer SK Hynix was flat. Battery maker LG Energy Solution climbed 2.23%. Hyundai Motor was down 1.14%, while sister automaker Kia Corp was up 0.05%. Steelmaker POSCO Holdings shed 2.94%, while drugmaker Samsung BioLogics rose 1.22%. Celltrion was down 0.28%, after the pharmaceutical firm said it had become the preferred bidder to acquire a U.S. manufacturing factory from an unnamed global pharmaceutical company, in an attempt to offset the risk of U.S. tariffs. Of the total 934 traded issues, 398 shares advanced, while 478 declined. Foreigners were net buyers of shares worth 81.1 billion won ($58.32 million). The won was quoted at 1,392.3 per dollar on the onshore settlement platform, 0.23% lower than its previous close at 1,389.1. In money and debt markets, September futures on three-year treasury bonds gained 0.05 point to 107.30. The most liquid three-year Korean treasury bond yield fell by 1.4 basis points to 2.446%, while the benchmark 10-year yield fell by 4.6 basis points to 2.815%.
Korea Herald
23-07-2025
- Business
- Korea Herald
Seoul shares end higher amid caution over tariff talks
South Korean stocks finished higher Wednesday, as investors picked up big-cap tech shares amid caution ahead of high-stakes talks with the United States on its sweeping tariff scheme. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 13.83 points, or 0.44 percent, to close at 3,183.77, rebounding from a marked loss in the previous session. Trade volume was moderate at 655.24 million shares worth 11.89 trillion won ($8.62 billion), with losers beating winners 497 to 390. Retail investors offloaded a net 682.82 billion won worth of stocks, while institutions and foreigners bought a net 292.31 billion won and 316.15 billion won worth of shares, respectively. The index opened slightly higher and fluctuated within a narrow range throughout the session before ending with a modest gain. Investors are closely watching the developments of negotiations on the United States' tariff scheme as just 10 days remain until the Aug. 1 deadline set by US President Donald Trump. Earlier in the day, Washington announced deals with Japan and the Philippines. South Korea is set for last-minute talks with the US The trade talks involving Finance Minister Koo Yun-cheol, Trade Minister Yeo Han-koo and their US counterparts -- Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer -- are scheduled to take place in Washington on Friday (local time). Industry Minister Kim Jung-kwan left for Washington earlier in the day for separate talks with his US counterpart. "The Kospi has touched the 3,200 level but has struggled to settle above that," analyst Han Ji-yong from Kiwoom Securities said. "Upward momentum is limited due to lingering effects from the recent sharp rally, along with growing caution ahead of the second-quarter earnings season and tariff talks." Tech shares led the upturn of the index. Market bellwether Samsung Electronics rose 0.61 percent to 66,400 won, and chip giant SK hynix edged up 0.19 percent to 269,000 won. Major battery maker LG Energy Solution advanced 0.9 percent to 336,500 won, and leading biotech firm Samsung Biologics surged 2.11 percent to 1,064,000 won. Carmakers rallied on news that the US cut tariffs on imports of automobiles from Japan. Top carmaker Hyundai Motor spiked 7.51 percent to 222,000 won, and its sister Kia Motors soared 8.49 percent to 106,100 won. Top financial firm KB Financial went up 0.61 percent to 115,300 won, and nuclear power plant manufacturer Doosan Enerbility climbed 1.28 percent to 63,400 won. No. 1 steelmaker Posco Holdings moved up 3.72 percent to 335,000 won. But leading online portal operator Naver decreased 1.49 percent to 231,500 won, and Kakao, the operator of the country's dominant mobile messenger, tumbled 2.65 percent to 55,000 won. Defense powerhouse Hanwha Aerospace dipped 1.3 percent to 910,000 won. The local currency was quoted at 1,379.8 won against the greenback at 3:30 p.m., up 8 won from the previous session. (Yonhap)
