April 26, 2024

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[THE INVESTOR] Korean stocks closed higher on March 9 as US President Donald Trump agreed to meet with North Korean leader Kim Jong-un in a surprise development that could lead to headway being made on the denuclearization of the reclusive country. The Korean won rose against the US dollar.

The benchmark KOSPI rose 26.37 points, or 1.08 percent, to close at 2,459.45. Trade volume was moderate at 433 million shares worth 8.46 trillion won (US$7.90 billion).

The local stock market opened higher after Trump signed off on slapping tariffs on steel and aluminum products but exempted Canada and Mexico from higher duties.

Investors also cheered Trump’s decision to meet Kim by May, which may lead to an easing of tension on the Korean Peninsula.

In a report, Hana Financial Investment said geopolitical tension lessened on news that Kim would not conduct further nuclear and missile tests.

Samsung Electronics rose 1.1 percent to end at 2,487,000 won, and SK hynix, a global chipmaker, edged down 0.24 percent to 83,300 won.

Naver, the operator of the country’s top internet portal, gained 0.38 percent at 802,000 won.

Automakers traded in negative terrain, with industry leader Hyundai Motor down 0.32 percent to 154,000 won, and its smaller affiliate Kia Motors dipping 1.2 percent to 32,900 won.

The local currency closed at 1,069.80 won against the US dollar, up 0.4 won from the previous session’s close.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)