Seoul shares rise nearly 1 pc over South Korea-US tariff negotiations

Seoul, April 25 South Korean stocks finished nearly 1 per cent higher on Friday, as investors assessed the outcome of the first round of tariff talks between Seoul and Washington. The local currency fell against the US dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) gained 23.97 points, or 0.95 percent, to close at 2,546.3.

Trade volume was thin at 386.27 million shares worth 8.2 trillion won ($5.78 billion), with winners beating losers 645 to 238, reports Yonhap news agency.

Institutions and foreign investors combined purchased a net 721.5 billion won worth of stocks, while individuals sold a net 773 billion won worth of shares.

During the first round of tariff talks held in Washington on Thursday, South Korea and the United States agreed to pursue a tariff deal before the pause on the implementation of reciprocal tariffs is lifted in early July.

Tech shares led the overall gains, with SK hynix jumping 3.42 percent to 184,400 won and LG Electronics adding 1.85 percent to end at 71,600 won. Market cap Samsung Electronics remained unchanged at 55,700 won.

Shipbuilders also advanced, with HD Hyundai Heavy Industries soaring 7.18 percent and Hanwha Ocean climbing 11.12 percent, on prospects of securing U.S. deals amid an expected visit by U.S. Secretary of the Navy John Phelan in South Korea next week.

Leading battery maker LG Energy Solution also increased 0.59 percent to 343,500 won, and No. 1 steelmaker POSCO Holdings went up 1.17 percent to 260,000 won.

In contrast, carmakers lost ground. Top automaker Hyundai Motor edged down 0.05 percent to 188,800 won, and its affiliate Kia lost 0.68 percent to end at 88,200 won.

The local currency was trading at 1,436.5 won against the U.S. dollar at 3:30 p.m., down 1.5 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 3.6 basis points to 2.305 percent, and the return on the benchmark five-year government bonds dropped 4.1 basis points to 2.403 percent.

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