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Korea Herald
29-05-2025
- Automotive
- Korea Herald
Seoul shares rise to 10-month high on tech rally
South Korean stocks finished markedly higher to hit a 10-month high Thursday, driven by gains in tech shares, following strong earnings from US chip giant Nvidia Corp. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index rose 50.49 points, or 1.89 percent, to close at 2,720.64. It marked the highest level since Aug. 2, when the index finished at 2,725.02. Trade volume was moderate at 444.45 million shares worth 10.79 trillion won ($7.8 billion), with winners beating losers 749 to 151. Institutions and foreign investors bought a net 684.56 billion won and 290.27 billion won worth of stocks, respectively. Individuals sold 996.99 billion won worth of shares. The KOSPI got a boost from Nvidia's earnings results. It reported a 69 percent on-year increase in revenue, reaching US$44.1 billion for the February-April period, analysts said. "With the vast majority of US President Donald Trump's global tariffs blocked by the US trade court, institutional and foreign buying pushed up the benchmark index," Lee Jae-won, an analyst at Shinhan Securities Co., said. In Seoul, tech and auto stocks led the rally. Market heavyweight Samsung Electronics rose 0.36 percent to 56,100 won, while chip giant SK hynix jumped 1.92 percent to 212,000 won. Top carmaker Hyundai Motor gained 2.74 percent to 191,000 won, its smaller affiliate Kia rose 4.72 percent to 93,200 won and leading shipbuilder HD Hyundai jumped 11.26 percent to 108,700 won. Among decliners, leading battery maker LG Energy Solution fell 0.35 percent to 288,000 won and state-run utility Korea Electric Power Corp. shed 2.48 percent to 29,550 won. The local currency was quoted at 1,375.9 won against the greenback at 3:30 p.m., up 0.6 won from the previous session. (Yonhap)
Korea Herald
20-02-2025
- Automotive
- Korea Herald
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)
Korea Herald
18-02-2025
- Automotive
- Korea Herald
Seoul shares rise for 6th day on tech gains
Seoul shares extended their winning streak to a sixth day Tuesday on the back of gains in tech stocks, with investors remaining cautious about US tariff policies. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index rose 16.39 points, or 0.63 percent, to close at 2,626.81. Trade volume was moderate at 412.18 million shares worth 12.34 trillion won ($8.5 billion), with winners outnumbering losers 478 to 395. Institutions bought a net 165.37 billion won worth of stocks and foreigners also purchased 17 billion won of stocks. But individuals sold a net 188 billion won of stocks. "Investor concerns over new Trump tariffs remain but the worries have eased a bit and better-than-expected fourth-quarter corporate earnings boosted investor sentiment," No Dong-kil, an analyst at Shinhan Securities Co., said by phone. The US government recently ordered a 25 percent tariff on all steel and aluminum imports and unveiled a sweeping plan to impose reciprocal tariffs on trading partners. It also plans to impose tariffs on auto imports starting April 2, which will apparently affect the Korean car industry. In Seoul, tech and auto stocks led gains. Market bellwether Samsung Electronics rose 1.6 percent to 56,900 won and top carmaker Hyundai Motor climbed 0.4 percent to 200,500 won. Air carriers also advanced, with national flag carrier Korean Air rising 0.8 percent to 24,050 won and Asiana Airlines up 1.4 percent to 10,590 won. Among decliners, cosmetics firm Amorepacific fell 2.9 percent to 115,000 won and leading battery maker LG Energy Solution declined 0.9 percent to 350,500 won. The local currency was quoted at 1,443.70 won against the greenback at 3:30 p.m., down 2 won from the previous session. (Yonhap)
