Seoul: Seoul shares closed higher Monday as investors awaited progress on trade deals with the United States ahead of the July 9 deadline set by President Donald Trump. The Korean won fell against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) rose 5.19 points, or 0.17 percent, to close at 3,059.47. Trade volume was moderate at 349.78 million shares worth 10.11 trillion won (US$7.4 billion), with losers outnumbering winners 459 to 427. Individuals bought a net 152.66 billion won worth of stocks, offsetting institutions and foreigners' stock selling of 83.52 billion won and 91.49 billion won, respectively.
The Trump administration has set August 1 as the date for higher tariffs to take effect, while indicating that some countries may be granted more time to negotiate deals on tariff rates. Analysts suggest that the outcome of these negotiations is crucial for determining the market's next move.
In Seoul, large-cap stocks were mixed. Market bellwether Samsung Electronics fell 2.53 percent to 61,700 won, while leading home appliance maker LG Electronics plunged 4.02 percent to 74,100 won. Top carmaker Hyundai Motor dropped 0.95 percent to 208,500 won, while leading shipping company HMM declined 1.23 percent to 24,000 won.
Among gainers, chip giant SK hynix rose 0.18 percent to 271,000 won, while dominant tobacco company KT and G Corp. jumped 5.09 percent to 136,200 won. Leading battery maker LG Energy Solution gained 1.45 percent to 315,000 won, while leading shipbuilder HD Hyundai climbed 1.15 percent to 123,200 won.
The local currency was quoted at 1,367.80 won against the greenback at 3:30 p.m., down 5.5 won from the previous session. Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys rose 1.5 basis points to 2.482 percent, and the return on the benchmark five-year government bonds added 1.7 basis points to 2.637 percent.