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KOSPI falls, foreigners net sellers
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Korean won weakens against US dollar
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South Korea benchmark bond yield falls
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SEOUL, – Round-up of South Korean financial markets:
** South Korean shares slipped to their lowest in three weeks on Tuesday as battery makers declined after U.S. tariffs on China, Canada and Mexico took effect, while a rally in shipbuilding, defence and steel pipe stocks capped losses.
** The benchmark KOSPI extended losses to the third straight session, losing 3.86 points, or 0.15%, to close at 2,528.92, the lowest since February 10.
** U.S. President Donald Trump’s fresh 25% tariffs on imports from Mexico and Canada took effect earlier in the day, along with a cumulative 20% duties on Chinese goods, launching new trade conflicts.
** “Tariffs, including reciprocal ones planned in April, will raise economic slowdown worries. Today, however, trading was based more on sector-specific issues than the overall trade war concern,” said Seo Sang-young, an analyst at Mirae Asset Securities.
** A series of weak data from factory activity to industrial output and exports showed South Korea’s trade-reliant economy being pressured by U.S. tariffs.
** LG Energy Solution, with factories in Canada and China, slid 5.7%, marking its worst session since November 15, 2024. Other battery makers also fell.
** Meanwhile, Hanwha Aerospace rose 18% and Hyundai Rotem jumped 11% on bets that Europe will boost its defence spend.
** Steel pipe builders rallied. Nexteel soared 26% and Husteel jumped 24% after reports said South Korea had expressed interest in a gas pipeline project in Alaska.
** Shipbuilders Hanwha Ocean climbed 15% and HD Hyundai Heavy Industries added 6.3% on hopes of cooperation with the Trump administration.
** Foreigners net sold shares worth 192.6 billion won .
** The won was quoted 0.12% lower at 1,461.8 per dollar.
** The most liquid three-year Korean treasury bond yield fell by 2.6 basis points to 2.541%, while the benchmark 10-year yield fell by 1.9 basis points to 2.705%.
This article was generated from an automated news agency feed without modifications to text.
