South Korean shares rise on easing Hormuz supply hopes; set for weekly fall

SEOUL: Round-up of South Korean financial markets:  

South Korean shares rebounded on Friday on hopes that supply disruptions in the Strait of Hormuz could ease, even as uncertainty over the Iran war kept the market on track for a second weekly loss.

The benchmark KOSPI added 143.95 points, or 2.75%, to 5,378.00 as of 0139 GMT.

The KOSPI has fallen 1.1% so far this week, following a 5.9% decline last week. It has been a volatile week, with trading curbs triggered several times on sharp losses earlier this week, a rebound on Wednesday and another steep drop on Thursday.

Dozens of countries sought ways to restart crucial energy shipments through the Strait of Hormuz on Thursday after US President Donald Trump vowed more aggressive attacks on Iran.

Among index heavyweights, chipmaker Samsung Electronics rose 3.64% and peer SK Hynix gained 5.96%. Battery maker LG Energy Solution eased 0.49%.

Hyundai Motor and sister automaker Kia climbed 1.72% and 0.20%, respectively.

Steelmaker POSCO Holdings added 2.79%. Drugmaker Samsung BioLogics reversed early gains to fall 1.58% and peer Celltrion eased 0.15%, dragging the pharmaceutical sector 1% lower.

Trump set US tariffs on South Korean pharmaceutical products at 15% under a trade agreement between the two countries.

Of the total 919 traded issues, 759 advanced and 138 declined. Foreigners were net buyers of shares worth 18.6 billion won ($12.3 million).

The won was quoted at 1,509.8 per dollar on the onshore settlement platform, 0.05% above Thursday’s close of 1,510.6.

The most liquid three-year Korean treasury bond yield fell 4.1 basis points to 3.430%, while the benchmark 10-year yield shed 7.5 basis points to 3.733%.‑Reuters