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Kospi closes lower as investors await result of tariff talks

Published: 24 Apr. 2025, 17:02

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,522.33 points on April 24, down 3.23 points, or 0.13 percent, from the previous trading session. [YONHAP]

Shares finished a tad lower Thursday as investors awaited tariff talks with the United States amid deepening concerns over economic growth. The won fell in value against the dollar.

The Kospi lost 3.23 points, or 0.13 percent, to close at 2,522.33.

Trade volume was slim at 323.69 million shares worth 7.22 trillion won ($5.03 billion), with losers beating winners 457 to 403.

Institutions and foreign investors shed a net 198.44 billion won and 7.41 billion won worth of stocks, respectively, while individuals bought 134.89 billion won worth of shares.

The index opened a tad lower, despite Wall Street gains, and had moved within a tight range before ending with a modest decline.

Investor sentiment was dented after government data showed that GDP unexpectedly contracted 0.2 percent in the first quarter versus the prior quarter amid a domestic political crisis and uncertainties stemming from the Donald Trump administration's sweeping tariff scheme.

Eyes are on the tariff talks to be held in Washington later in the day, following the United States' announcement of a 90-day pause on the 25 percent reciprocal tariffs on Korean imports.

Industry Minister Ahn Duk-geun has said that the government will seek "a swift solution" over the United States' auto tariffs and have consultations over trade, shipbuilding and energy cooperation, among other issues, with the U.S. side "in a calm and prudent manner."

Tech shares lost ground to draw down the index.

Tech giant Samsung Electronics finished unchanged at 55,700 won, while its rival SK hynix dived 1.49 percent to 178,300 won.

Major battery maker LG Energy Solution dipped 2.15 percent to 341,500 won, and leading steelmaker Posco Holdings declined 1.15 percent to 257,000 won.

Leading biotech firm Samsung Biologics fell 1.88 percent to 1.05 million won, and major pharmaceutical firm Celltrion lost 0.81 percent to 158,600 won.

Industry leader Hyundai Motor went down 0.58 percent to 188,900 won, and its sister Kia slid 1.33 percent to 88,800 won.

Leading financial group KB Financial Group decreased 0.47 percent to 84,600 won, and top online portal operator Naver shed 0.73 percent to 191,500 won.

But major defense firm Hanwha Aerospace rose 1.23 percent to 824,000 won and leading shipbuilder HD Hyundai Heavy advanced 2.45 percent to 376,000 won.

The local currency was quoted at 1,435 won against the greenback at 3:30 p.m., down 14.4 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 0.4 basis point to 2.34 percent, and the return on five-year government bonds added 0.7 basis point to 2.44 percent.

Yonhap