On Friday, the benchmark KOSPI index experienced a 0.4% decline, settling around 2,710 points. This downturn followed a significant 1.9% surge the previous day, as investor sentiment became more apprehensive due to legal uncertainties surrounding the extensive US tariffs. The market's mood shifted after a US federal appeals court temporarily reinstated most of the tariffs that a lower court had previously overturned, reigniting concerns about the future of US trade policy.
In the corporate sector, Hyundai Motor saw a 2.3% decrease in its stock value following reports of its intention to increase prices on US vehicles in response to the tariffs imposed during the Trump administration. Similarly, Kia Corp, Hyundai's affiliated company, experienced a 2.8% drop. Other significant declines included SK Hynix, which fell by 2.8%, Hanwha Aerospace, down by 4.6%, and Naver, which decreased by 1.2%.
Conversely, several companies demonstrated positive performance, with Samsung Electronics rising by 1.3%, Samsung Biologics increasing by 1%, and KB Financial also advancing by 1.3%. Despite the mixed results on Friday, the benchmark index is poised to achieve its largest weekly gain since late January 2024.
