Seoul: Seoul shares opened lower Thursday after U.S. President Donald Trump said he will announce tariffs on cars, chips, and pharmaceuticals “over the next month or sooner.” The benchmark Korea Composite Stock Price Index (KOSPI) fell 6.08 points, or 0.23 percent, to 2,665.44 in the first 15 minutes of trading.
According to Yonhap News Agency, Trump recently ordered a 25 percent tariff on all steel and aluminum imports and threatened to impose tariffs of around 25 percent on automobile, semiconductor, and pharmaceutical imports as early as April 2. In Seoul, auto and shipbuilding stocks led declines. Top carmaker Hyundai Motor fell 0.49 percent, its smaller affiliate Kia declined 1.16 percent, and auto parts maker Hyundai Mobis shed 1.57 percent.
HD Korea Shipbuilding and Offshore Engineering plunged 5.02 percent and Hanwha Ocean dropped 4.86 percent. No. 2 chipmaker SK hynix was down 0.23 percent. Among gainers, market bellwether Samsung Electronics rose 0.17 percent and national flag carrier Korean Air climbed 1.25 percent. Leading battery maker LG Energy Solution advanced 1.64 percent and cosmetics firm Amorepacific jumped 3.31 percent.
The local currency was trading at 1,441.15 won against the dollar at 9:15 a.m., down 2.65 won from the previous session.