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Kospi closes higher despite global Trump tariff woes

Published: 11 Feb. 2025, 17:31

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,539.05 points on Feb. 11, up 17.78 points, or 0.71 percent, from the previous trading session. [YONHAP]

Shares finished higher Tuesday as investors shrugged off concerns about a global tariff war following U.S. President Donald Trump's announcement of new tariff plans. The local currency fell against the U.S. dollar.

The benchmark Kospi added 17.78 points, or 0.71 percent, to close at 2,539.05, ending a two-day losing streak.

Trade volume was moderate at 439.21 million shares worth 10.57 trillion won ($7.27 billion), with winners outnumbering losers 469 to 408.

Foreigners and institutions bought a net 144.09 billion won and 245.73 billion won worth of local shares, respectively, while retail investors sold a net 472.61 billion won worth of shares.

The index opened higher, tracking overnight gains on Wall Street, and maintained the momentum, though Trump officially announced a 25 percent tariff on all steel and aluminum imports into the United States.

The White House later noted that the tariff would apply to all steel imports from South Korea, as well as Japan, the European Union and other nations, starting on March 12.

"Trump's tariff policy will lead to greater market volatility, but the issue has been reflected in the market for the past three to four months," said Han Ji-young, an expert from Kiwoom Securities.

In Seoul, Samsung Electronics inched up 0.18 percent to 55,700 won, and SK hynix advanced 0.81 percent to 199,700 won.

Samsung Biologics surged 3.89 percent to 1,174,000 won, and Celltrion grew 0.39 percent to 179,700 won.

LG Energy Solution sank 1.01 percent to 343,000 won on profit taking.

Posco Holdings decreased 0.84 percent to 235,000 won, while Hyundai Steel remained unchanged at 21,700 won.

Hyundai Motor remained flat at 199,400 won, while Kia dropped 0.85 percent to 93,800 won.

Among gainers, Naver rose 0.44 percent to 228,500 won, and Kakao jumped 0.82 percent to 42,850 won.

The local currency was quoted at 1,452.6 won against the greenback at 3:30 p.m., up 1.4 won from the previous session.

Bond prices, which move inversely to yields, closed mixed. Three-year government bond yields fell 0.8 basis points to 2.631 percent, while the return on the benchmark 10-year U.S. government bonds gained 0.6 basis points to 4.498 percent.

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