Seoul: South Korean stocks rose to the highest level in about a month Wednesday as investors harbored expectations for upcoming tariff talks with the United States, as well as for easing Sino-U.S. trade tensions. The local currency remained flat against the U.S. dollar.
According to Yonhap News Agency, the benchmark Korea Composite Stock Price Index (KOSPI) added 38.92 points, or 1.57 percent, to close at 2,525.56, which was the highest level since March 28, when the index finished at 2,557.98. Trade volume was moderate at 529.94 million shares worth 7.67 trillion won (US$5.39 billion), with winners beating losers 627 to 254.
Institutions purchased a net 686.07 billion won worth of stocks, while individuals and foreigners shed 549 billion won and 196.71 billion won worth of shares, respectively. The index opened markedly higher, tracking Wall Street gains, and had maintained the momentum throughout the session.
Investors welcomed the news that U.S. Treasury Secretary Scott Bessent said he expected the trade war with China to de-escalate and a deal would be reached. Eyes are also on the tariff talks to be held in Washington on Thursday (U.S. time), following the Donald Trump administration's announcement of a 90-day pause on the 25 percent reciprocal tariffs on South Korean imports.
Industry Minister Ahn Duk-geun told reporters upon heading for Washington that the country will seek "a swift solution" over auto tariffs, and have consultations over trade, shipbuilding and energy cooperation, among other issues, "in a calm and prudent manner."