South Korean shares hit near 10-month high on rate cut, US tariff ruling
- KOSPI rises, foreigners net buyers
- Korean won steady against dollar
- South Korea benchmark bond yield rises
- For the midday report, please click
SEOUL, May 29 (Reuters) - Round-up of South Korean financial markets:
South Korean shares jumped on Thursday to their highest levels in nearly 10 months, as investors welcomed the central bank's decision to trim interest rates and a U.S. court's move to block President Donald Trump's proposed tariffs.
The benchmark KOSPI .KS11 closed up 50.49 points, or 1.89%, at 2,720.64, its highest level since August 1, 2024.
The Bank of Korea central bank cut interest rates for a fourth time in its current easing cycle to support an economic recovery clouded by U.S. tariffs, just days ahead of a presidential election in Asia's fourth-largest economy.
South Korea's exports are expected to have fallen in May for the first time in four months, as the impact of U.S. tariffs offset strong demand for semiconductors, according to a Reuters poll.
A U.S. trade court blocked Trump's tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.
Among index heavyweights, chipmaker Samsung Electronics 005930.KS rose 0.36%, while peer SK Hynix 000660.KS gained 1.92%. Battery maker LG Energy Solution 373220.KS slid 0.35%.
Hyundai Motor 005380.KS and sister automaker Kia Corp 000270.KS closed higher by 2.74% and 4.72%, respectively. Steelmaker POSCO Holdings 005490.KS added 2%, while drugmaker Samsung BioLogics 207940.KS fell 0.19%.
Of the total 937 traded issues, 751 shares advanced, while 153 declined.
Foreigners were net buyers of shares worth 290.3 billion won ($211.26 million).
The won was quoted steady at 1,376.0 per dollar on the onshore settlement platform KRW=KFTC.
The most liquid three-year Korean treasury bond yield KR3YT=RR rose by 3.1 basis points to 2.340%, while the benchmark 10-year yield KR10YT=RR rose by 4.0 basis points to 2.757%.
($1 = 1,374.1100 won)
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