
South Korean stocks ended more than 1 percent higher Monday as the United States and China wrapped up their first high-level tariff negotiations, boosting hopes the two countries may reach a trade deal. The local currency was weak against the US dollar.
The benchmark Korea Composite Stock Price Index added 30.06 points, or 1.17 percent, to close at 2,607.33.
Trade volume was moderate at 406.5 million shares worth 8.45 trillion won ($6 billion), with winners outnumbering losers 659 to 240.
Institutions were the main buyers, purchasing 342.78 billion won worth of local shares, while foreigners and retail investors sold 7.5 billion won and 390 billion won, respectively.
Experts said the KOSPI gained ground on hopes for a possible trade agreement between the US and China in the near future, which is expected to help ease tensions in the global trade market sparked by US tariffs.
Washington and Beijing held trade dialogue in Geneva on Saturday and Sunday (local time) to discuss tariffs and other trade issues.
Both sides have yet to issue an official statement on the results of the talks, but US Treasury Secretary Scott Bessent has said a deal had been reached with China to cut the US trade deficit, touting "substantial progress."
The Chinese delegation also said in a news conference that it held a "constructive" dialogue with the US.
The two countries are expected to release a joint statement on the details of the negotiations later in the day.
In Seoul, market heavyweight Samsung Electronics soared 5.11 percent to 57,600 won on bargain hunting, and its chipmaking rival SK hynix advanced 2.58 percent to 195,000 won.
Top automaker Hyundai Motor jumped 3.11 percent to 195,800 won, and its sister, Kia, climbed 3.47 percent to 92,400 won.
Leading battery maker LG Energy Solution gained 1.1 percent to 321,500 won, and major plant constructor Doosan Enerbility surged 3.41 percent to 28,800 won.
On the other hand, the bio and shipbuilding sector lost ground.
Samsung Biologics tumbled 4.71 percent to 991,000 won, and Celltrion slid 3.92 percent to 151,800 won.
HD Hyundai Heavy and Hanwha Ocean lost 2.06 percent and 4.51 percent to 404,500 won and 76,200 won, respectively. HD Korea Shipbuilding also dropped 3.7 percent to 273,000 won.
Defense giant Hanwha Aerospace also shot down 6.61 percent to 820,000 won.
The local currency was quoted at 1,402.4 won against the greenback at 3:30 p.m., down 2.4 won from the previous session. (Yonhap)