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Kospi snaps losing streak to close up 0.26% on tech, defense gains

Published: 08 Apr. 2025, 18:43 Updated: 09 Apr. 2025, 22:20

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,334.23 points on April 8, up 6.03 points, or 0.26 percent, from the previous trading session. [YONHAP]

Shares ended higher Tuesday, snapping their four-session losing streak, helped by gains in tech and defense industry stocks. The won sharply fell in value against the dollar.

The Kospi rose 6.03 points, or 0.26 percent, to close at 2,334.23, bouncing back from a 5.57 percent drop the previous day amid concerns over a global trade war.

Trade volume was moderate at 548.25 million shares worth 8.9 trillion won ($7.16 billion), with gainers outnumbering losers 544 to 343.

Individuals bought a net 601.54 billion won worth of stocks, offsetting institutions and foreigners' stock selling valued at 89.87 billion won and 642.52 billion won, respectively.

Although the index finished higher, investors still remain wary over an escalating trade war triggered by U.S. President Donald Trump's reciprocal tariffs.

Tech, defense and shipbuilding stocks led gains.

Market bellwether Samsung Electronics rose 0.56 percent to 53,500 won, and its chipmaking rival SK hynix jumped 2.85 percent to 169,500 won.

Leading defense industry firm Hanwha Aerospace jumped 8.72 percent to 698,000 won, and sister company Hanwha Ocean advanced 8.32 percent to 67,700 won.

Earlier in the day, Hanwha Aerospace announced its revised-down share sale plan to raise 2.3 trillion won at the request of a financial regulator.

The defense stock ended higher on eased concerns over dilution of shareholder value.

Hanwha Aerospace said it targets 30 trillion won in sales this year on strong global demand for its defense equipment, as well as a weak Korean won.

Top carmaker Hyundai Motor climbed 0.06 percent to 179,200 won, and dominant tobacco firm KT&G was up 3.38 percent to 103,900 won.

Among decliners, leading wireless services provider SK Telecom fell 1.97 percent to 54,800 won, and Korea Zinc, the world's biggest zinc smelter, shed 1.04 percent to 666,000 won.

The local currency was quoted at 1,473.2 won against the dollar at 3:30 p.m., up 5.4 won from the previous session.

Bond prices, which move inversely to yields, ended lower. The yield on three-year government bonds rose 0.7 basis points to 2.41 percent, and the return on the benchmark 10-year U.S. government bonds jumped 16.8 basis points to 4.17 percent.

Yonhap