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Stocks extend winning streak as Samsung buyback bolsters market

Published: 19 Feb. 2025, 17:20

SHIN HA-NEE
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,671.52 points on Feb. 19, up 44.71 points, or 1.7 percent, from the previous trading session. [YONHAP]

Shares extended their winning streak to a seventh day Wednesday helped by tech gains, with investors keeping an eye on additional U.S. tariffs. The won's value rose against the dollar.

The Kospi rose 44.71 points, or 1.7 percent, to close at 2,671.52.

Trade volume was moderate at 519.07 million shares worth 14.68 trillion won ($10.2 billion), with winners outnumbering losers 573 to 303.

Institutions and foreigners bought a combined 1.17 trillion won worth of stocks, offsetting retail investors' stock selling valued at 1.22 trillion won.

On top of 25 percent tariffs on all steel and aluminum imports, the U.S. government is set to announce tariffs of around 25 percent on automobile, semiconductor and pharmaceutical imports as soon as April 2.

If imposed, the tariffs will hit related industries in Korea, which heavily relies on exports to the U.S. for growth.

“Samsung Electronics' 3 trillion won stock cancellation plan helped buoy tech stocks, allowing a weeklong winning streak,” NH Securities analyst Kim Byeong-yeon said.

In Seoul, tech and auto stocks led gains.

Samsung Electronics rose 3.16 percent to 58,700 won, chipmaker SK hynix jumped 4.05 percent to 218,500 won and carmaker Hyundai Motor gained 1.75 percent to 204,000 won. Kia climbed 1.17 percent to 95,000 won.

Battery maker LG Energy Solution climbed 4.42 percent to 366,000 won, and shipbuilder Samsung Heavy Industries jumped 13.92 percent to 14,730 won. Hanwha Ocean gained 0.77 percent to 78,200 won, and HD Hyundai Heavy Industries rose 4.68 percent to 347,000 won.

Among decliners, steelmaker Hyundai Steel fell 1.43 percent to 24,150 won, and Korean Air declined 0.21 percent to 24,000 won.

The Kosdaq rose 4.62 points, or 0.6 percent, to close at 778.27.

The local currency was quoted at 1,438.50 won against the greenback at 3:30 p.m., down 5.2 won from the previous session.

Bond prices, which move inversely to yields, closed mixed. Three-year government bond yields fell 0.9 basis points to 2.630 percent, while the return on the benchmark 10-year U.S. government bonds rose 7.7 basis points to 4.553 percent.

BY SHIN HA-NEE, YONHAP [[email protected]]