South Korean shares rise 2% after Wall Street finds relief from delayed tariffs
- The benchmark KOSPI stock index was up 48.61 points
SEOUL: Round-up of South Korean financial markets:
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose more than 2% on Tuesday after US President Donald Trump delayed tariffs on Mexico and Canada for a month. The won strengthened, while the benchmark bond yield rose.
The benchmark KOSPI stock index was up 48.61 points, or 1.98%, at 2,502.56, as of 01:02 GMT.
Among index heavyweights, chipmaker Samsung Electronics rose 4.51% and peer SK Hynix gained 1.15%, while battery maker LG Energy Solution climbed 1.63%.
Hyundai Motor added 2.72% and sister automaker Kia Corp gained 2.81%, while search engine Naver and instant messenger Kakao were up 0.92% and up 0.72%, respectively.
US stocks joined a worldwide sell-off on Monday as fears that Trump’s tariffs on Canada, Mexico and China could ignite a global trade war, but their losses eased after tariffs on Mexican imports were paused.
Of the total 938 traded issues, 764 shares advanced, while 147 declined.
Foreigners were net buyers of shares worth 112.9 billion won ($77.46 million).
The won was quoted at 1,458.8 per dollar on the onshore settlement platform, 0.22% higher than its previous close.
In offshore trading, the won was quoted at 1,458.7 per dollar, down 0.0% on the day, while in non-deliverable forward trading its one-month contract was quoted at 1,456.7.
The KOSPI has risen 4.30% so far this year, but lost 1.1% in the previous 30 trading sessions.
The won has gained 0.9% against the dollar so far this year.
In money and debt markets, March futures on three-year treasury bonds fell 0.04 point to 106.89.
The most liquid three-year Korean treasury bond yield rose by 0.4 basis point to 2.579%, while the benchmark 10-year yield rose by 1.5 bps to 2.847%.