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Kospi slides 0.34% on tech, auto and battery slump

Published: 30 Apr. 2025, 17:40

The dealing room of Hana Bank in central Seoul on April 30. [YONHAP]

Seoul shares closed lower Wednesday, led by a slump in tech, auto and battery stocks, as Samsung Electronics reported sluggish semiconductor business performance in its first-quarter earnings. The Korean won surged against the dollar.

The benchmark Kospi dropped 8.81 points, or 0.34 percent, to close at 2,556.61.

Trade volume was moderate at 480 million shares worth 8.33 trillion won ($5.86 billion), with losers outnumbering gainers 547 to 345.

Institutions and foreign investors combined sold a net 392.5 billion won worth of shares, while retail investors bought a net 306 billion won worth of shares.

Overnight, Wall Street closed higher amid investor optimism over tariff negotiations between Washington and its trading partners, as U.S. President Donald Trump marked the 100th day of his second term in office on Tuesday.

The Dow Jones Industrial Average rose 0.75 percent, while the tech-heavy Nasdaq composite gained 0.55 percent. The S&P 500 added 0.58 percent.

Analysts said the Kospi lost ground after Samsung reported that its flagship chip division's revenues sank 17 percent on year in the January-March period due to a weak performance in the high bandwidth memory sector.

Investors also apparently stayed cautious ahead of the upcoming releases of manufacturing-related data and major tech earnings in the United States, while the local bourse was set to close for Labor Day on Thursday.

In Seoul, chip, auto and battery makers led the overall losses, with Samsung Electronics dropping 0.54 percent to 55,500 won and chip rival SK hynix falling 1.83 percent to 177,500 won.

Battery and automotive shares also retreated. Top battery manufacturer LG Energy Solution tumbled 7.29 percent to 324,500 won on market outlooks of weakened sales in the second quarter. Hyundai Motor slid 1.14 percent to 190,600 won.

In contrast, financial and internet portal shares advanced. Kookmin Financial rose 2.73 percent to 90,200 won, while top internet portal operator Naver climbed 2.04 percent to 200,500 won.

K-pop powerhouse Hybe also jumped 5.53 percent 267,000 won after reporting record first quarter earnings the previous session.

The local currency was trading at 1,421 won against the U.S. dollar at 3:30 p.m., soaring 16.3 won from the previous session.

Yonhap