South Korean shares rise on US tariff optimism; steelmakers rally
- The benchmark KOSPI added 32.27 points, or 1.05%, to 3,107.33
SEOUL: Round-up of South Korean financial markets:
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South Korean shares rose on Thursday, lifted by hopes of easing trade tensions following the US’s deal with Vietnam, a key manufacturing hub for several South Korean companies.
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The benchmark KOSPI added 32.27 points, or 1.05%, to 3,107.33 as of 0137 GMT.
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On Wednesday, President Donald Trump said Vietnamese exports will now attract a lower-than-promised 20% tariff, cooling tensions with the United States’ tenth-biggest trading partner days ahead of his July 9 negotiating deadline.
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South Korean President Lee Jae Myung said he was doing his best to achieve a “mutually beneficial and sustainable” outcome from negotiations with the US
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Tech major Samsung Electronics, which runs factory operations in Vietnam, rose 2.63%. Chipmaker SK Hynix lost 0.18%, but battery maker LG Energy Solution climbed 1.98%.
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Hyundai Motor gained 0.23%, while sister automaker Kia traded flat.
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Steelmakers, hit by a massive 50% tariff, rallied. POSCO Holdings climbed 9.38%, while Hyundai Steel jumped 13.4%.
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Of the total 933 traded issues, 643 advanced and 239 declined.
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Foreigners were net buyers of shares worth 273.5 billion won ($201.6 million).
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The won was little changed at 1,355.3 per dollar on the onshore settlement platform.
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In the money and debt markets, September futures on three-year treasury bonds gained 0.06 point to 107.19.
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The most liquid three-year Korean treasury bond yield fell 1.1 basis points to 2.476%, while the benchmark 10-year yield rose 0.3 basis point to 2.837%.
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