South Korean shares rise to record high on chip, auto boost; US tariffs in focus

SEOUL: Round-up of South Korean financial markets:  

South Korean shares rose to a record high on Monday, starting the week on a strong note as chip and auto stocks rallied, while investors waited for more clarity on US tariffs.

The benchmark KOSPI was up 84.41 points, or 1.45%, at 5,892.94, as of 0132 GMT, after climbing as much as 2.12% to an all-time high.

US President Donald Trump said on Saturday he would raise a temporary tariff from 10% to 15% on imports from all countries, the maximum level allowed under the law, after the Supreme Court struck down his previous tariff programme.

South Korean Industry Minister Kim Jung-kwan said on Monday that there was uncertainty concerning refunds for US tariffs after the US Supreme Court ruling.

South Korea’s exports rose 23.5% in the first 20 days of this month from a year earlier, data showed. South Korean Vice Finance Minister Lee Hyoung-il said authorities would closely monitor financial markets.

“Noises from Trump’s tariffs could temporarily heighten volatility this week in the short term,” said Han Ji-young, an analyst at Kiwoom Securities.

Among index heavyweights, chipmaker Samsung Electronics rose 2.79%, while peer SK Hynix gained 2.11%.

Hyundai Motor and sister automaker Kia Corp were up 3.93% and 0.76%, respectively.

Battery maker LG Energy Solution slid 0.62%, while steelmaker POSCO Holdings shed 0.63%. Drugmaker Samsung BioLogics rose 0.86%.

Foreigners were net sellers of shares worth 390.4 billion won ($270.99 million).

The won was quoted at 1,441.1 per dollar on the onshore settlement platform, 0.38% higher than its previous close at 1,446.6.

The most liquid three-year Korean treasury bond yield fell by 1.4 basis points to 3.135%, while the benchmark 10-year yield fell by 3.0 basis points to 3.544%.  ‑Reuters