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Kospi rises on hopes of easing U.S.-China tariff tensions

Published: 23 Apr. 2025, 09:57

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on April 23. [YONHAP]

Shares got off to a strong start Wednesday, tracking Wall Street gains, amid hopes for easing tariff tensions between the United States and China.

The Kospi rose 27.38 points, or 1.1 percent, to 2,514.02 in the first 15 minutes of trading.

Overnight, U.S. shares surged after U.S. Treasury Secretary Scott Bessent said he expected the trade war with China to de-escalate and a deal would be reached, according to reports.

Investors also welcomed the news that U.S. President Donald Trump said he is not planning to fire U.S. Federal Reserve Chair Jerome Powell.

The Dow Jones Industrial Average surged 2.66 percent and the tech-heavy Nasdaq composite jumped 2.71 percent.

Korea is to hold tariff talks with the United States in Washington on Thursday. The Trump administration put on hold the implementation of 25 percent reciprocal tariffs on Korean imports for 90 days.

Market bellwether Samsung Electronics advanced 1.45 percent, and chip giant SK hynix spiked 2.93 percent.

Leading battery maker LG Energy Solution soared 3.46 percent, and steelmaker Posco Holdings went up 1.79 percent.

Top automaker Hyundai Motor advanced 1.35 percent, and its sister affiliate Kia grew 1.5 percent.

But leading biotech firm Samsung Biologics sank 2.14 percent.

The local currency was trading at 1,427.05 won against the dollar at 9:15 a.m., down 6.45 won from the previous session.

Yonhap