Seoul: Seoul shares turned lower late Tuesday morning due to tech losses despite eased concerns over the Trump administration's tariff sanctions. The benchmark Korea Composite Stock Price Index (KOSPI) had fallen 5.86 points, or 0.22 percent, to 2,626.21 as of 11:20 a.m.
According to Yonhap News Agency, the KOSPI opened higher, tracking overnight gains on Wall Street. The Dow Jones Industrial Average rose 1.42 percent, and the tech-heavy Nasdaq composite advanced 2.27 percent. Institutions and foreigners sold a net 81 billion won (US$55 million) and 87.5 billion won worth of stocks, respectively, offsetting individuals' stock purchases valued at 138.3 billion won.
The index is not falling sharply as investors appear to have gotten relief from signs that the U.S. trade sanctions will be narrower than feared, analysts said. Trump said last week that there would be "flexibility" in his tariffs, hinting at the possibility of exemptions or leniency for countries or companies that contribute to creating American jobs.
In Seoul, tech stocks were lead decliners. Market bellwether Samsung Electronics fell 0.17 percent, and chip giant SK hynix declined 0.95 percent. Leading shipbuilder HD Hyundai Heavy Industries dropped 3.35 percent, and shipbuilder Hanwha Ocean plunged 4.92 percent.
Among gainers, top carmaker Hyundai Motor jumped 4.69 percent, and its smaller affiliate Kia advanced 2.33 percent. Leading auto parts maker Hyundai Mobis gained 1.07 percent. On Monday (U.S. time), Hyundai Motor Group announced a record US$21 billion investment in the United States through 2028 amid the U.S. government's tariff policies.
The local currency was trading at 1,470.25 won against the U.S. dollar at 11:20 a.m., down 2.55 won from the previous session.