South Korean shares end lower on uncertainty over tax code revisions

Published on 08/12/2025 at 02:55 am EDT
Reuters

• KOSPI falls, foreigners net sellers
• Korean won strengthens against dollar
• South Korea benchmark bond yield rises

(Reuters) - Round-up of South Korean financial markets:
** South Korean shares erased early gains to end lower on Tuesday, as investors remained wary amid uncertainty over tax code revisions.
** The benchmark KOSPI closed down 16.86 points, or 0.53%, at 3,189.91, after rising as much as 1.1% earlier in the session.
** Local media reported on Monday the presidential office had decided on the ruling party's request to scrap some part of a proposal announced last month to raise taxes on stock investments that triggered a market rout.
** A presidential spokesperson, however, said on Tuesday the report was not accurate. The finance ministry said late on Monday it was reviewing the ruling Democratic Party's opinions but no decision had been made.
** "The market erased gains after the announcement from the presidential office. Investors are being tired by the issue dragging on," said Park Kwang-nam, an analyst at Mirae Asset Securities.
** Securities firms cut early gains to end 2.1% higher, while major financial groups ended flat, after rising more than 1% earlier.
** Among index heavyweights, chipmaker Samsung Electronics rose 0.14% and peer SK Hynix gained 0.75%, but battery maker LG Energy Solution slid 0.13%.
** Hyundai Motor and sister automaker Kia Corp were up 0.24% and 0.20%, respectively. Steelmaker POSCO Holdings shed 0.16%, while drugmaker Samsung BioLogics fell 1.07%.
** Of the total 934 traded issues, 345 shares advanced, while 548 declined.
** Foreigners were net sellers of shares worth 60.5 billion won ($43.53 million).
** The won was quoted at 1,389.9 per dollar on the onshore settlement platform, 0.04% higher than its previous close at 1,390.5.
** The most liquid three-year Korean treasury bond yield rose 1.0 bp to 2.430%, while the benchmark 10-year yield rose by 2.2 bps to 2.802%. ($1 = 1,389.7900 won)
 (Reporting by Jihoon Lee; Editing by Rashmi Aich) 

Sumber : Reuters