Business
South Korean shares rise for fifth day with focus on US-China trade talks
South Korean shares rise for fifth day with focus on US-China trade talks
About this update from Hyundai Rotem Co.
Round-up of South Korean financial markets:** South Korean shares climbed for a fifth consecutive session on Tuesday, hitting their highest levels since mid-July in a post-election rally, but the initial momentum eased as investor focus shifted to U.S.-China trade talks. ** The benchmark KOSPI KRX:KOSPI was up 16.00 points, or 0.56%, at 2,870.91, as of 0051 GMT, following three straight sessions of gains exceeding 1%.** The index was just under 0.9% below its recent peak of 2,896.43, reached on July 11, 2024. ** South Korean President Lee Jae-myung called on officials to swiftly draft a supplementary budget plan aimed at supporting economic recovery and spurring consumption.** U.S.-China trade talks were set to extend to a second day in London as top economic officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare-earths minerals. ** Among index heavyweights, chipmaker Samsung Electronics KRX:005930 fell 0.84%, while peer SK Hynix KRX:000660 gained 0.22%. Battery maker LG Energy Solution KRX:373220 climbed 1.58%.** Hyundai Motor KRX:005380 was flat, while its sister company Kia Corp KRX:000270 slipped 0.42%. Steelmaker POSCO Holdings KRX:005490 gained 3.10%, and pharmaceutical firm Samsung BioLogics KRX:207940 increased by 0.39%.** K-Pop agency HYBE KRX:352820 rose more than 1% to its highest since June 2023, as BTS members RM and V were discharged from the South Korean military after mandatory service, with more members finishing their duty later this month.** Defence firm Hyundai Rotem (063450.KS) jumped more than 7% to an all-time high on a media report that South Korea is close to signing a deal worth around $6 billion to supply 180 K2 tanks for Poland.** Of the total 935 traded issues, 512 shares advanced, while 359 declined.** Foreigners were net buyers of shares worth 67.8 billion won ($50.05 million), after buying a total of 3.1 trillion won in the previous four sessions. ** The won was quoted at 1,354.8 per dollar on the onshore settlement platform FX_IDC:USDKRW, 0.04% lower than its previous close at 1,354.2.** The most liquid three-year Korean treasury bond yield (KR3YT=RR) fell by 2.0 basis points to 2.386%, while the benchmark 10-year yield TVC:KR10 dropped 3.3 basis points to 2.835%.($1 = 1,354.5500 won)