South Korean shares rise 1% as Trump delays EU tariffs, battery makers rebound

SEOUL: Round-up of South Korean financial markets:

• South Korean shares climbed 1% on Monday, led by battery makers, as risk appetite improved after US President Donald Trump delayed his threat to impose 50% tariffs on the European Union by more than a month.

• The benchmark KOSPI was up 26.97 points, or 1.04%, at 2,619.06, as of 0217 GMT.

• Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the EU, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to “reach a good deal.”

• South Korean presidential frontrunner Lee Jae-myung said on Sunday the deadline to reach a deal with the US on President Donald Trump’s tariffs needs to be reconsidered to find a mutually beneficial agreement between the two allies.

• Among index heavyweights, Samsung Electronics edged 0.09% lower after Trump said a 25% tariff he planed to impose on Apple would also apply to the South Korean smartphone maker and others.

• Battery maker LG Energy Solution climbed 2.8%, while peer Samsung SDI jumped 3.5%, in a rebound after sharp losses last week on Trump’s tax-cut bill, which includes cancellations of electric-vehicle tax credits.

• Shares of Hyundai Motor and sister automaker Kia Corp were up 0.89% and up 0.11%, respectively. Steelmaker POSCO Holdings added 2.14%, while drugmaker Samsung BioLogics fell 0.10%.

• Of the total 935 traded issues, 570 shares advanced, while 323 declined.

• Foreigners were net buyers of shares worth 121.1 billion won ($88.97 million).

• The won was quoted at 1,362.0 per dollar on the onshore settlement platform, 0.33% higher than its previous close at 1,366.5.

• The most liquid three-year Korean treasury bond yield fell by 1.8 basis points to 2.324%, while the benchmark 10-year yield fell by 0.8 basis point to 2.747%.