South Korean shares rise as Trump extends tariff pause

SEOUL: Round-up of South Korean financial markets:

• South Korean shares rose on Tuesday, as US President Donald Trump extended a pause on tariffs, raising trade deal hopes.

• The benchmark KOSPI was up 27.86 points, or 0.91%, at 3,087.33 as of 0219 GMT.

• Trump on Monday began telling trade partners - from powerhouse suppliers like Japan and South Korea to minor players - that sharply higher US tariffs will start August 1, marking a new phase in the trade war he launched earlier this year.

** “Uncertainty heightened in the short term, but it will decrease going forward, not increase, and greatly ease if trade deals are made by August 1,” said Park Sang-hyun, an economist at iM Securities.

• Samsung Electronics fell 0.81%, after the chipmaker projected a far worse than expected 56% plunge in second-quarter operating profit due to weak artificial intelligence chip sales. Rival SK Hynix gained 2.95%.

• Battery maker LG Energy Solution slid 2.70%, tracking overnight losses in US electric-vehicle maker Tesla .

• Tariff-hit steel makers fell, but e-commerce firms that have no exposure rose, while automakers were little changed.

• Of the total 935 traded issues, 495 shares advanced, while 384 declined.

• Foreigners were net sellers of local shares by a small margin of 0.5 billion won ($365,737).

• The won was quoted at 1,369.9 per dollar on the onshore settlement platform, 0.52% higher than its previous close at 1,377.0.

• In money and debt markets, September futures on three-year treasury bonds gained 0.07 point to 107.18.

• The most liquid three-year Korean treasury bond yield fell by 1.8 basis points to 2.465%, while the benchmark 10-year yield fell by 0.3 basis point to 2.837%.