South Korean shares cut gains as US postpones trade talks

South Korean shares erased early gains on Thursday, as the U.S. suddenly postponed trade talks scheduled for Friday, raising uncertainty over tariff negotiations.

• The benchmark KOSPI was up 26.40 points, or 0.83%, at 3,210.17 as of 0211 GMT, after rising as much as 1.70% earlier in the session.

• Talks between top South Korean and U.S. officials to negotiate over U.S. President Donald Trump’s tariffs have been postponed due to a scheduling conflict for U.S. Treasury Secretary Scott Bessent, South Korea’s finance ministry said on Thursday.

• Hyundai Motor was down 0.45%, after falling as much as 1.80% on the news. The automaker rallied on Wednesday after Japan’s trade deal with the U.S. raised hopes that South Korea might also get a cut in 25% auto tariffs.

• South Korea’s economy grew at the fastest pace in more than a year in the second quarter, beating market expectations, buoyed by rebounding consumer spending and a surge in exports, driven by robust demand for technology.

• SK Hynix gained 1.58%, as the chipmaker flagged plans to boost spending this year after posting a record quarterly profit. Rival Samsung Electronics rose 0.38%.

• Among other index heavyweights, battery maker LG Energy Solution climbed 8.77%, while steelmaker POSCO Holdings added 0.15% and drugmaker Samsung BioLogics rose 3.20%.

• Of the total 935 traded issues, 280 shares advanced, while 606 declined.

• Foreigners were net buyers of shares worth 575.3 billion won ($420.33 million).

• The won was quoted at 1,369.9 per dollar on the onshore settlement platform, 0.43% higher than its previous close at 1,375.8.

• The most liquid three-year Korean treasury bond yield rose by 1.2 basis points to 2.465%, while the benchmark 10-year yield rose by 0.7 basis point to 2.837%.