South Korean shares fall as concerns around Trump auto tariffs deepen

SEOUL: Round-up of South Korean financial markets:

South Korean shares hit over 1-month high on chip, battery boost

South Korean shares fell on Thursday as carmakers and tech shares drove markets lower on concerns about a trade war’s impact on the trade-reliant economy. The won strengthened while the benchmark bond yield fell.

• The benchmark KOSPI was down 25.49 points, or 0.96%, at 2,618.45 as of 03:20 GMT.

• US President Donald Trump on Wednesday announced 25% tariffs on auto and auto parts after concluding that automotive imports continue to threaten the country’s industrial base and national security.

• Hyundai Motor shed 4.28% and sister automaker Kia Corp lost 3.75%. Search engine Naver and instant messenger Kakao were down 3.48% and down 2.91%, respectively.

• Among index heavyweights, chipmaker Samsung Electronics rose 0.57% and peer SK Hynix lost 2.34%, while battery maker LG Energy Solution climbed 0.14%.

• Of the total 939 traded issues, 328 shares advanced, while 555 declined.

• Foreigners were net sellers of shares worth 105.2 billion won on the main board on Thursday.

• The won was quoted at 1,465.2 per dollar on the onshore settlement platform, 0.14% higher than its previous close of 1,467.3.

• In offshore trading, the won was quoted at 1,465.7 per dollar, up 0.1% on the day, while in the non-deliverable forward market, its one-month contract was quoted at 1,462.8.

• The KOSPI has risen 9.13% so far this year and climbed 4.1% in the previous 30 trading sessions.

• The won has gained 0.5% against the dollar so far this year.

• In money and debt markets, June futures on three-year treasury bonds rose 0.02 points to 106.76.

• The most liquid three-year Korean treasury bond yield rose by 0.3 basis points to 2.620%, while the benchmark 10-year yield fell by 0.9 basis points to 2.841%.