FX.co ★ KOSPI Falls as Financials Weigh

The KOSPI index declined by 0.55% to approximately 3,174 on Friday, reversing gains made in the previous session. This downturn was influenced by setbacks in financial stocks and continuous apprehension regarding trade issues. Market uncertainty lingers as South Korea navigates negotiations to obtain advantageous terms before the impending US tariff deadline. Within the corporate sphere, the financial sector experienced a nearly 2% decline, with Shinhan Financial Group dropping by 2.15%, KB Financial Group by 1.39%, and Hana Financial Group by 0.76%. Pressure also extended to other sectors such as consumer non-durables, industrial services, and transportation, affecting companies like KT&G Corporation with a 0.92% dip, Samsung C&T Corporation with a 5.53% fall, and Hyundai Merc Mar experiencing a 1.78% decrease. Positively, South Korea saw its electric vehicle exports increase by 11.2% year-on-year, reaching $780 million in June, marking the first annual rise in 16 months. For the week, the benchmark index shows minimal fluctuations following a 4% increase the previous week.