SEOUL: Round-up of South Korean financial markets:
South Korean shares jumped more than 4% on Thursday in their sharpest rally in 17 months as U.S. President Donald Trump announced a sudden pause in tariffs.
The benchmark KOSPI added 107.87 points, or 4.71%, to 2,401.64 as of 0047 GMT. It is set for its biggest daily percentage rise since November 6, 2023.
Earlier in the session, the “sidecar” rule was triggered a second time this week after Monday when futures fell sharply. The rule is activated when futures gain or lose more than 5%.
In a stunning reversal, Trump announced a 90-day pause on the hefty duties imposed on dozens of trade partners, while raising the China duties to 125%.
The tariff reprieve has provided room for negotiations, South Korea’s top trade envoy Cheong In-kyo said, as the country seeks to reduce tariffs through talks.
Among index heavyweights, chipmaker Samsung Electronics rose 4.34% and peer SK Hynix soared 11.03%. Battery maker LG Energy Solution climbed
5.89%.
South Korean shares plunge to 17-month low as US tariff worries dominate
Hyundai Motor added 6.40% and sister automaker Kia gained 4.06%. Steelmakers and drugmakers also advanced.
Of the total 930 traded issues, only 34 fell.
Foreigners were net buyers of shares worth 206.8 billion won ($141.9 million) after nine straight sessions of sell-offs.
The won was quoted 1.12% higher at 1,455.7 per U.S. dollar on the onshore settlement platform, after gaining as much as 1.8%.
In the money and debt markets, June futures on three-year treasury bonds fell 0.06 point to 107.30.
The most liquid three-year Korean treasury bond yield rose 2.0 basis points to 2.453%, while the benchmark 10-year yield fell 1.9 basis points to 2.709%.
SEOUL: Round-up of South Korean financial markets:
South Korean shares jumped more than 4% on Thursday in their sharpest rally in 17 months as U.S. President Donald Trump announced a sudden pause in tariffs.
The benchmark KOSPI added 107.87 points, or 4.71%, to 2,401.64 as of 0047 GMT. It is set for its biggest daily percentage rise since November 6, 2023.
Earlier in the session, the “sidecar” rule was triggered a second time this week after Monday when futures fell sharply. The rule is activated when futures gain or lose more than 5%.
In a stunning reversal, Trump announced a 90-day pause on the hefty duties imposed on dozens of trade partners, while raising the China duties to 125%.
The tariff reprieve has provided room for negotiations, South Korea’s top trade envoy Cheong In-kyo said, as the country seeks to reduce tariffs through talks.
Among index heavyweights, chipmaker Samsung Electronics rose 4.34% and peer SK Hynix soared 11.03%. Battery maker LG Energy Solution climbed
5.89%.
South Korean shares plunge to 17-month low as US tariff worries dominate
Hyundai Motor added 6.40% and sister automaker Kia gained 4.06%. Steelmakers and drugmakers also advanced.
Of the total 930 traded issues, only 34 fell.
Foreigners were net buyers of shares worth 206.8 billion won ($141.9 million) after nine straight sessions of sell-offs.
The won was quoted 1.12% higher at 1,455.7 per U.S. dollar on the onshore settlement platform, after gaining as much as 1.8%.
In the money and debt markets, June futures on three-year treasury bonds fell 0.06 point to 107.30.
The most liquid three-year Korean treasury bond yield rose 2.0 basis points to 2.453%, while the benchmark 10-year yield fell 1.9 basis points to 2.709%.
American Dollar Exchange Rate