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Hyundai, Kia shares rise despite continued tariff caution

Published: 21 Feb. 2025, 17:03

KIM JU-YEON
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,654.58 points on Feb. 21, up 0.52 points, or 0.02 percent, from the previous trading session. [YONHAP]

Seoul shares ended flat on Friday as tech losses were offset by an advance in auto and steel, with investors remaining cautious about U.S. trade tariffs. The won rose in value against the dollar.

The Kospi rose 0.52 points, or 0.02 percent, to close at 2,654.58. The main index has risen 2.5 percent this week.

Trade volume was moderate at 434.84 million shares worth 11.03 trillion won ($7.7 billion), with winners outnumbering losers 508 to 370.

Institutions and individuals bought stocks worth 116.9 billion won and 3.2 billion won, respectively, offsetting foreign selling valued at 220.6 billion won.

On top of a 25 percent tariff on all steel and aluminum imports, U.S. President Donald Trump is set to announce fresh tariffs on cars, chips and pharmaceuticals.

In Seoul, auto and steel stocks led gains.

Carmaker Hyundai Motor rose 1.48 percent to 206,000 won, and its smaller affiliate Kia climbed 0.11 percent.

Steelmaker Posco Holdings jumped 5.03 percent to 282,000 won, and Hyundai Steel advanced 3.52 percent to 26,450 won.

Steel stocks jumped on news that the government will hold a meeting next week to discuss antidumping measures on Chinese thick steel plate imports.

Among decliners, Samsung Electronics fell 0.34 percent to 58,200 won, and chipmaker SK hynix declined 1.18 percent to 209,500 won.

The local currency was quoted at 1,434.30 won against the greenback at 3:30 p.m., down 3.6 won from the previous session.

Bond prices, which move inversely to yields, closed higher. Three-year government bond yields fell 0.8 basis points to 2.619 percent, while the return on the benchmark 10-year U.S. government bonds dipped 2.6 basis points to 4.508 percent.

BY KIM JU-YEON, YONHAP [[email protected]]