(LEAD) Seoul shares hit near 4-year high despite Trump's renewed tariff threats

(ATTN: ADDS bond yields at bottom; CHANGES photo)

SEOUL, July 9 (Yonhap) -- South Korean stocks closed at their highest level in nearly four years Wednesday, as investors digested U.S. President Donald Trump's renewed tariff threats targeting copper, semiconductors and pharmaceuticals. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 18.79 points, or 0.60 percent, to close at 3,133.74, marking the highest closing level since Sept. 17, 2021, when the index finished at 3,140.51.

Trade volume was heavy at 637.3 million shares worth 12.5 trillion won (US$9.09 billion), with gainers outnumbering decliners 698 to 199.

Individual investors led the rally, scooping up a net 430.8 billion won worth of stocks, while foreigners and institutions dumped a net 425.2 billion won and 57.9 billion won, respectively.

On Tuesday (U.S. time), Trump announced plans to impose a 50 percent tariff on copper, and signaled additional duties on semiconductors and pharmaceuticals.

A day earlier, the U.S. president said he had sent formal letters to South Korea, Japan and other trade partners, warning of a new deadline of Aug. 1 to strike trade agreements or face higher tariffs.

In Seoul, defense and financial stocks were among the biggest winners.

Defense giant Hanwha Aerospace jumped 4.29 percent to 850,000 won, and LIG Nex1 soared 8.59 percent to 569,000 won.

Mirae Asset Securities rose 6.76 percent to 22,100 won, and Samsung Fire and Marine Insurance advanced 3.35 percent to 478,500 won.

Pharmaceutical shares also finished in positive territory despite Trump's announcement. Samsung Biologics increased 0.49 percent to 1,018,000 won, while Celltrion climbed 0.34 percent to 176,100 won.

However, chip giant Samsung Electronics dropped 1.63 percent to 60,400 won, with its local chipmaking rival SK hynix dipping 0.35 percent to 281,000 won.

Top carmaker Hyundai Motor slid 0.71 percent to 281,000 won, and leading battery maker LG Energy Solution lost 0.65 percent to 305,000 won.

The local currency was quoted at 1,375 won against the greenback at 3:30 p.m., down 7.1 won from the previous session.

Bond prices, which move inversely to yields, closed lower. The yield on three-year Treasurys added 0.1 basis point to 2.478 percent, and the return on the benchmark five-year government bonds increased 0.1 basis point to 2.636 percent.

brk@yna.co.kr
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