South Korean stocks finished higher Tuesday as investors shrugged off concerns about a global tariff war following US President Donald Trump's announcement of new tariff plans. The local currency fell against the US dollar.
The benchmark Korea Composite Stock Price Index added 17.78 point, or 0.71 percent, to close at 2,539.05, ending a two-day losing streak.
Trade volume was moderate at 439.21 million shares worth 10.57 trillion won ($7.27 billion), with winners outnumbering losers 469 to 408.
Foreigners and institutions bought a net 144.09 billion won and 245.73 billion won worth of local shares, respectively, while retail investors sold a net 472.61 billion won worth of shares.
The index opened higher, tracking overnight gains on Wall Street, and had maintained the momentum, though Trump officially announced a 25 percent tariff on all steel and aluminum imports into the United States.
The White House later noted that the tariff will apply to all steel imports from South Korea, as well as Japan, the European Union and other nations, starting on March 12.
"Trump's tariff policy would lead to greater market volatility, but the issue has been reflected into the market for the past three to four months," Han Ji-young, an expert from Kiwoom Securities, said.
Major tech and bio shares led the upturn of the index.
Market bellwether Samsung Electronics inched up 0.18 percent to 55,700 won, and chip giant SK hynix advanced 0.81 percent to 199,700 won.
Leading bio firm Samsung Biologics surged 3.89 percent to 1,174,000 won, and Celltrion grew 0.39 percent to 179,700 won.
But leading electric vehicle battery maker LG Energy Solution sank 1.01 percent to 343,000 won on profit taking.
Top steelmaker Posco Holdings decreased 0.84 percent to 235,000 won, while Hyundai Steel remained unchanged at 21,700 won.
No. 1 carmaker Hyundai Motor remained flat at 199,400 won, but its sister affiliate Kia dropped 0.85 percent to 93,800 won.
Among gainers, top portal operator Naver rose 0.44 percent to 228,500 won, and Kakao, the operator of the country's top mobile messenger, jumped 0.82 percent to 42,850 won.
The local currency was quoted at 1,452.6 won against the greenback at 3:30 p.m., down 1.4 won from the previous session. (Yonhap)
