Seoul: South Korean stocks opened higher Monday, led by gains in major battery and chemical shares, despite renewed concerns over U.S. President Donald Trump's administration's threat to impose sweeping tariffs on smartphone manufacturers. The benchmark Korea Composite Stock Price Index (KOSPI) rose 13.11 points, or 0.51 percent, to 2,605.20 in the first 15 minutes of trading.
According to Yonhap News Agency, Trump threatened on Friday (U.S. time) to implement 25 percent tariffs by the end of next month on smartphones made by companies such as Apple and Samsung Electronics Co. if they are not manufactured in the United States. The remarks, posted on social media, led to declines in the U.S. markets, with the Dow Jones Industrial Average dropping 0.61 percent and the Nasdaq Composite losing 1.0 percent.
In Seoul, top-cap shares opened with mixed results. Samsung Electronics, a market bellwether, lost 0.18 percent, while chip giant SK hynix tumbled 1.25 percent. However, LG Energy Solution, a leading battery maker, spiked 3.92 percent, and industry leader LG Chem surged 2.47 percent. No. 1 steelmaker POSCO Holdings advanced 1.71 percent.
Among other major players, Samsung Biologics, a prominent bio firm, added 0.39 percent, whereas defense giant Hanwha Aerospace dropped 3.13 percent. Carmakers Hyundai Motor and its sister affiliate Kia opened higher, each adding 0.23 percent.
Additionally, leading financial firm KB Financial saw a rise of 0.71 percent, and top online portal operator Naver edged up 0.05 percent. The local currency was trading at 1,366.65 won against the greenback at 9:15 a.m., up 8.95 won from the previous session.