Thursday, Apr 03, 2025 | 03 Shawwal 1446
Thursday, Apr 03, 2025 | 03 Shawwal 1446
SEOUL: Round-up of South Korean financial markets:
South Korean shares rose more than 1% on Tuesday, and the won gained, as the Constitutional Court announced that the long-awaited ruling on the impeachment of President Yoon Suk Yeol would be delivered this week.
The benchmark KOSPI was up 45.08 points, or 1.82%, at 2,526.20 as of 0241 GMT.
The KOSPI started the session higher, cut gains to 0.5% after the acting president vetoed a revision to the Commercial Act, and rebounded after the court’s announcement.
The won was quoted at 1,468.4 per dollar on the onshore settlement platform, 0.36% higher than its previous close at 1,473.7.
“The won has weakened significantly recently on political uncertainty caused by the delay in the impeachment trial ruling, but now the uncertainty is reduced with the decision,” said Lee Min-hyeok, an economist at KB Kookmin Bank.
South Korea’s Constitutional Court, which is reviewing President Yoon Suk Yeol’s impeachment, will announce its decision on whether to remove him from office permanently or reinstate him on April 4, the court said on Tuesday.
Earlier on Tuesday, South Korea’s acting President Han Duck-soo vetoed a revision to the Commercial Act, which was seen to help resolve the so-called “Korea discount”, a tendency of lower valuation for South Korean stocks than global peers.
South Korean shares set to snap three-week rally on US tariffs
South Korea’s March exports grew for a second month but missed market expectations, suggesting a softening outlook as a global trade war triggered by U.S. President Donald Trump’s tariffs raises uncertainty for manufacturers.
Among index heavyweights, chipmaker Samsung Electronics rose 2.42% and peer SK Hynix gained 2.67%, but battery maker LG Energy Solution slid 1.49%.
Foreigners were net sellers of shares worth 237.6 billion won ($161.84 million).
The most liquid three-year Korean treasury bond yield rose by 1.8 basis points to 2.595%, while the benchmark 10-year yield rose by 4.7 basis points to 2.819%.
