South Korean shares set to snap 4-week rally on US tariff woes – News Air Insight

Round-up of South Korean financial markets:

** South Korean shares slumped on Friday, and were on track to post their first weekly loss in five, as traders assessed uncertainty over trade talks with Washington and fresh tariffs by U.S. President Donald Trump.

** The won weakened to its lowest level in more than four months, while the benchmark bond yield rose.

** The benchmark KOSPI was down 63.99 points, or 1.84%, at 3,407.12, as of 0110 GMT.

** The KOSPI index, which has fallen 1% so far this week, was set for its biggest daily drop since August 1, if the current losses hold.

** The United States will impose a 100% tariff on imports of pharmaceutical products from October, unless a pharmaceutical company is building a plant in the U.S., Trump said on Thursday. ** South Korea’s trade talks with the Trump administration have become increasingly dogged by political doubts this week. ** South Korea plans to open the onshore currency market for around-the-clock trading in a bid to win an upgrade of its stock market to developed market status, President Lee Jae Myung said.

** Shares of drugmaker Samsung BioLogics fell as much as nearly 4% to hit the lowest point since early-January, but recouped some losses to trade down 1.5%. Peer Celltrion , which recently bought a production facility in the U.S., was up 1.4%, after falling as much as 1.1% earlier in the session.

** South Korea’s exports of pharmaceutical products stood at $1.5 billion in 2024, accounting for just 1.2% of the total U.S. exports.

** Among other index heavyweights, chipmaker Samsung Electronics fell 2.44%, while peer SK Hynix lost 4.35%. Shares of battery maker LG Energy Solution slid 2.77%.

** Foreigners were net sellers of shares worth 298.1 billion won ($211.40 million).

** The won was quoted 0.11% lower at 1,410.9 per dollar on the onshore settlement platform, hitting its weakest level since mid-May.

** The most liquid three-year Korean treasury bond yield rose by 2.9 basis points to 2.560%, while the benchmark 10-year yield rose by 4.8 basis points to 2.908%.

($1 = 1,410.1000 won)