May 20, 2025, 14:00 GMT+7
Key points:
- KOSPI ends slightly lower
- Korean won weakens against dollar
- South Korea benchmark bond yield falls
Round-up of South Korean financial markets:
** South Korean shares closed marginally weaker on Tuesday as battery makers slumped on worries over a sweeping new U.S. tax bill, although gains in heavyweight chipmakers capped further losses.
** The benchmark KOSPIclosed down 1.62 points, or 0.06%, at 2,601.80.
** U.S. President Donald Trump will join the congressional debate over his sweeping tax bill on Tuesday, as Republicans who control the House of Representatives struggle to keep their fragile majority together for a crucial vote later this week.
** The bill cancels funding for green-energy grant programs in the 2022 Inflation Reduction Act (IRA), including vehicle manufacturing, home efficiency upgrades, electricity transmission, wind power.
** "South Korean battery stocks weakened on worries about an early scrapping of the IRA's tax credits," said Na Jeong-hwan, analyst at NH Investment Securities.
** LG Energy Solutionslid 4.12% to the lowest on record, while peer Samsung SDIdropped 4.66% to an eight-year low. SK Innovationalso fell 3.65%.
** Battery materials makers LG Chemlost 3.12%.
** In contrast, chipmaker heavyweight Samsung Electronicsrose 0.18%, while peer SK Hynixgained 1.30%.
** Hyundai Motorand sister automaker Kia Corpwere down 0.79% and 0.33%, respectively. Steelmaker POSCO Holdingsshed 1.83%, while drugmaker Samsung Biologicsfell 0.10%.
** Of the total 936 traded issues, 554 shares advanced, while 337 declined.
** Foreigners were net sellers of shares worth 114.1 billion won ($82 million).
** The won was quoted at 1,392.4 per dollar on the onshore settlement platform, 0.27% lower than its previous close at 1,388.7.
** In money and debt markets, June futures on three-year treasury bonds gained 0.11 point to 107.60.
** The most liquid three-year Korean treasury bond yield fell by 4.6 basis points to 2.330%, while the benchmark 10-year yieldfell by 3.8 basis points to 2.711%.
Sumber : Reuters