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Kospi finishes flat as Trump tariff war worries mount

Published: 10 Feb. 2025, 16:35 Updated: 10 Feb. 2025, 18:34

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,521.27 points on Feb. 10, down 0.65 points, or 0.33 percent, from the previous trading session. [NEWS1]

Shares finished almost unchanged Monday as concern grows that Donald Trump's pledge to impose sweeping tariffs may trigger a global trade war.

The benchmark Kospi lost 0.65 points, or 0.03 percent, to close at 2,521.27. The Kosdaq rose 6.77 points, or 0.91 percent, to close at 749.67.

Trade volume was moderate at 386.81 million shares worth 10.38 trillion won ($7.15 billion), with losers outnumbering winners 454 to 414.

Foreigners and retail investors sold a net 277.24 billion won and 74 billion won worth of local shares, respectively, while institutions bought a net 266.91 billion won worth of shares.

The index opened markedly lower and had moved in and out of positive terrain on news that Trump will soon announce a new 25 percent tariff on all steel and aluminum imports into the United States, as well as reciprocal tariffs to take effect almost immediately.

"New tariff policies by the U.S. government have long been anticipated, though short-term volatility is expected as eyes are also on the U.S.' consumer inflation," Han Ji-young, an expert from Kiwoom Securities, said.

Shares in Seoul ended mixed.

Samsung Electronics surged 3.54 percent to 55,600 won while SK hynix dipped 2.41 percent to 198,100 won.

Battery manufacturer LG Energy Solution jumped 3.12 percent to 346,500 won and chemicals manufacturer LG Chem advanced 1.81 percent to 221,000 won.

Carmakers finished lower, with Hyundai Motor losing 0.55 percent to 199,400 won and Kia dropping 1.97 percent to 94,600 won.

Bio shares lost ground. Samsung Biologics sank 2.59 percent to 1,130,000 won and Celltrion slid 0.33 percent to 179,000 won.

Kakao dipped 4.49 percent to 42,500 won, while Naver rose 0.89 percent to 227,500 won.

HYBE shares rose 1.49 percent to 238,000 won, while SM Entertainment, listed on Kosdaq, rose by 5.37 percent to close at 92,300 won.

The local currency was quoted at 1,451.2 won against the greenback at 3:30 p.m., up 3.4 won from the previous session.

Bond prices, which move inversely to yields, closed lower. Three-year government bond yields rose 0.8 basis points to 2.639 percent, while the return on the benchmark 10-year U.S. government bonds gained 5.1 basis points to 4.492 percent.

BY CHO YONG-JUN, YONHAP [[email protected]]