South Korean shares rise as Trump extends tariff pause
- The benchmark KOSPI was up 27.86 points
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%.