South Korean shares set for third weekly decline on tariff woes

SEOUL: Round-up of South Korean financial markets:

South Korean shares log biggest jump since March 2020 on Trump tariff pause

• South Korean shares fell on Friday and were set to decline for a third straight week as a worsening global trade conflict continued between the world’s two biggest economies. The won strengthened, while the benchmark bond yield rose.

• The benchmark KOSPI fell 37.64 points, or 1.54%, to 2,407.42 as of 02:20 GMT.

• Among index heavyweights, chipmaker Samsung Electronics fell 2.48% and peer SK Hynix lost 3.33%. Battery maker LG Energy Solution slid 5.29%.

• Hyundai Motor shed 4.87% and sister automaker Kia lost 4.99%. Search engine Naver and instant messenger Kakao fell 1.31% and 3.88%, respectively.

• US President Donald Trump’s trade war rattled global markets anew on Thursday as stocks and oil prices sank due to fears that China may once again respond with higher tariffs to match the US’s latest levies.

• Of the total 931 traded issues, 271 advanced and 606 declined.

• Foreigners were net sellers of shares worth 359.1 billion won on the main board on Friday.

• The won was quoted at 1,451.3 per dollar on the onshore settlement platform, 0.29% higher than Thursday’s close at 1,455.5.

• In offshore trading, the won was quoted at 1,451.4 per dollar, up 0.1%, while in non-deliverable forward trading, its one-month contract was quoted at 1,448.7.

• The KOSPI has risen 0.33% year-to-date, but has lost 7.4% in the last 30 sessions.

• The won has gained 1.4% against the dollar so far this year.

• In the money and debt markets, June futures on three-year treasury bonds rose 0.09 point to 107.42.

• The most liquid three-year Korean treasury bond yield shed 1.9 basis points to 2.415%, while the benchmark 10-year yield added 1.8 basis points to 2.729%.