SEOUL: Round-up of South Korean financial markets:
South Korean shares closed nearly 1% higher on Wednesday, as biopharmaceutical stocks jumped on a government pledge of policy support to help mitigate the impact of US tariffs.
The benchmark KOSPI closed up 0.91%, or 23.78 points, at 2,625.58.
The pharmaceutical sector rose 4.54% and was the biggest gaining sub-index.
Drugmaker Samsung Biologics advanced 7.11%, its biggest one-day percentage gain since July 2023, while peer Celltrion added 0.84%.
South Korea pledged more support measures for key export industries, such as biopharmaceuticals and autos, as the sweeping US tariffs weigh on the trade-reliant economy.
“The government’s plan to swiftly inject liquidity into the sectors, upon the announcement of US semiconductor and pharmaceutical tariffs, raised fiscal policy hopes and relief,” said Lee Kyoung-min, an analyst at Daishin Securities.
During the first 20 days of this month, South Korea’s exports fell 2.4%, as US-bound shipments dropped 14.6%, dragged down by autos, auto parts and steel products, data showed.
Most other index heavyweights fell, including chipmaker Samsung Electronics and peer SK Hynix, which ended down 0.36% and 0.74%, respectively.
Hyundai Motor dropped 0.79%, battery maker LG Energy Solution declined 0.72%, while steelmaker POSCO Holdings shed 0.21%.
Of the total 936 traded issues, 540 shares advanced, while 335 declined.
Foreigners were net buyers of shares worth 205.8 billion won ($148.45 million).
The won was quoted at 1,387.2 per US dollar on the onshore settlement platform, 0.52% higher than its previous close at 1,394.4.
The most liquid three-year Korean treasury bond yield rose by 1.5 basis points to 2.345%, while the benchmark 10-year yield rose by 3.1 basis points to 2.753%.
American Dollar Exchange Rate