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Kospi closes up 0.37% as shipbuilders gain on U.S. bill news

Published: 12 Feb. 2025, 17:29 Updated: 12 Feb. 2025, 17:36

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,548.39 points on Feb. 12, up 9.34 points, or 0.37 percent, from the previous trading session. [YONHAP]

Shares finished higher Wednesday, led by gains in tech shares and shipbuilders, as investors digested U.S. President Donald Trump's new tariff scheme.

The benchmark Kospi added 9.34 points, or 0.37 percent, to close at 2,548.39, extending its winning streak to a second session. Kosdaq fell 4.41 points, or 0.59 percent, to close at 745.18.

Trade volume was moderate at 453.32 million shares worth 13.19 trillion won ($9.08 billion), with losers outnumbering winners 551 to 332.

Foreigners and institutions bought a net 96.84 billion won and 51.88 billion won worth of local shares, respectively, while retail investors sold a net 197.32 billion won worth of shares.

The index opened lower amid concerns about Trump's sweeping tariffs but gathered ground to end with modest gains.

"Investors took a cautious stance ahead of the release of U.S. inflation data and continued noises regarding tariff issues. Market volatility is expected to continue for the time being," Han Ji-young, an expert from Kiwoom Securities, said.

The Trump White House decided to impose 25 percent tariffs on all steel and aluminum imports into the United States. Trump is also reviewing tariffs on cars and semiconductors, which are major export items for Korea.

Large-cap shares traded mixed.

Samsung Electronics added 0.18 percent to 55,800 won, while chip giant SK hynix fell 0.4 percent to 198,900 won.

Samsung Biologics sank 1.45 percent to 1,157,000 won and Celltrion lost 0.56 percent to 178,700 won.

LG Energy Solution skidded 1.31 percent to 338,500 won.

Hyundai Motor fell 0.65 percent to 198,100 won and Kia dropped 2.24 percent to 91,700 won.

Naver lost 1.53 percent to 225,000 won and Kakao tumbled 1.98 percent to 42,000 won.

Posco Holdings decreased 1.91 percent to 230,500 won.

Shipbuilders rose markedly on news that U.S. senators introduced a bill to allow the U.S. Navy to build naval vessels in a trusted ally's shipyard in order to modernize and expedite the construction and procurement processes for U.S. maritime forces.

Hyundai Heavy Industries spiked 15.36 percent to 353,000 won and Hanwha Ocean surged 15.17 percent to 72,900 won.

The local currency was quoted at 1,453.4 won against the greenback at 3:30 p.m., up 0.8 won from the previous session.

Bond prices, which move inversely to yields, closed lower. Three-year government bond yields rose 2.1 basis points to 2.662 percent, while the return on the benchmark 10-year U.S. government bonds gained 3.0 basis points to 4.528 percent.

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