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Trump tariff anxiety weighs on Korea's tech market

Published: 24 Feb. 2025, 17:02

CHO YONG-JUN
[email protected]

A screen in Hana Bank's trading room in central Seoul shows the Kospi closing at 2,645.27 points on Feb. 24, down 9.31 points, or 0.35 percent, from the previous trading session. [YONHAP]

Shares ended lower Monday on tech losses, with investors remaining concerned about the impact of U.S. tariffs on major industries.

The benchmark Kospi fell 9.31 points, or 0.35 percent, to close at 2,645.27. The Kosdaq fell 2.02 points, or 0.57 percent to close at 773.33.

Trade volume was moderate at 491.48 million shares worth 10.46 trillion won ($7.3 billion), with winners outnumbering losers 448 to 421.

Institutions and foreigners sold stocks worth 90.67 billion won and 204.32 billion won, respectively, offsetting individuals' stock purchases valued at 191.62 billion won.

On Friday, the Dow Jones Industrial Average fell 1.69 percent, and the tech-heavy Nasdaq composite declined 2.2 percent due to lackluster economic data.

Investors remain wary over upcoming tariffs on cars, chips and pharmaceuticals, the U.S. government plans to announce in the next month.

A 25 percent tariff has already been imposed on all steel and aluminum imports, escalating global trade tensions.

In Seoul, tech stocks were lead decliners.

Samsung Electronics fell 1.55 percent to 57,300 won and SK hynix declined 2.15 percent to 205,000 won.

HD Hyundai Heavy Industries dropped 0.83 percent to 298,500 won, and steelmaker Posco Holdings fell 0.35 percent to 281,000 won.

Among gainers, Hyundai Motor rose 0.49 percent to 207,000 won while Kia rose 0.32 percent to 94,900 won. Hyundai Glovis rose 5.38 percent to 141,100 won.

Korean Air climbed 0.82 percent to 24,650 won.

LG Energy Solution rose 1.85 percent to 385,500 won and SK Innovation soared 1.13 percent to 133,900 won.

Naver rose 0.66 percent to 228,000 won while Kakao slipped 0.88 percent to 39,550 won.

The local currency was quoted at 1,427.40 won against the greenback at 3:30 p.m., down 6.9 won from the previous session.

Bond prices, which move inversely to yields, closed higher. Three-year government bond yields fell 0.7 basis points to 2.612 percent, while the return on the benchmark 10-year U.S. government bonds fell 8.2 basis points to 4.426 percent.

BY CHO YONG-JUN, YONHAP [[email protected]]