South Korean shares drop as US ramps up trade pressure ahead of tariff deadline

SEOUL: Round-up of South Korean financial markets:

• South Korean shares fell on Wednesday as US President Donald Trump stepped up his rhetoric and increased pressure for trade deals to be finalised before a July 9 tariff deadline. The won weakened, while the benchmark bond yield rose.

• The benchmark KOSPI was down 45.97 points, or 1.49%, at 3,044.09, as of 0238 GMT.

• Among index heavyweights, chipmaker Samsung Electronics rose 0.58%, while peer SK Hynix lost 3.68%. Battery maker LG Energy Solution climbed 0.67%.

• Trump expressed frustration with US-Japan trade negotiations on Monday as Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs as the deadline approaches despite good-faith negotiations.

• South Korea's consumer inflation accelerated in June to its fastest pace since January this year, government data showed on Wednesday, beating market expectations.

• Hyundai Motor and sister automaker Kia Corp were up 1.43% and up 0.81%, respectively. Steelmaker POSCO Holdings added 0.91%, while drugmaker Samsung BioLogics rose nearly 1%.

• Of the total 935 traded issues, 223 shares advanced, while 685 declined.

• Foreigners were net sellers of shares worth 333.4 billion won.

• The won was quoted at 1,361.8 per dollar on the onshore settlement platform, 0.21% lower than its previous close at 1,359.0.

• In offshore trading, the won was quoted at 1,361.8 per dollar, down 0.4% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,359.1.

• The KOSPI index has risen 26.86% so far this year.

• In money and debt markets, September futures on three-year treasury bonds lost 0.05 point to 107.22.

• The most liquid three-year Korean treasury bond yield rose 0.9 basis points to 2.464%, while the benchmark 10-year yield rose by 0.2 basis points to 2.789%.