Seoul: South Korean stocks finished lower Tuesday as investors moved to lock in profits from recent gains amid lingering concerns about the United States' tariff scheme. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) lost 7.18 points, or 0.27 percent, to close at 2,637.22.
According to Yonhap News Agency, trade volume was moderate at 315.52 million shares worth 7.81 trillion won (US$5.71 billion), with losers outnumbering winners 514 to 361. Foreign investors and institutions sold a net 75.92 billion won and 19.97 billion won worth of stocks, respectively, while individual investors purchased 53.42 billion won worth of shares.
The index opened lower and remained in negative territory, following a sharp increase in the previous session on news that U.S. President Donald Trump announced a delay in imposing 50 percent tariffs on imports from the European Union until July 9. Despite this delay, concerns persist over U.S. tariff policies, as Trump has threatened to introduce 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics Co., and other companies if they are not manufactured in the U.S.
With U.S. stock markets closed Monday for Memorial Day, in Seoul, most major tech shares declined. Market leader Samsung Electronics fell 1.46 percent to 53,900 won, and SK hynix dropped 0.25 percent to 202,500 won. LG Energy Solution, a major battery manufacturer, decreased by 1.98 percent to 272,500 won, and POSCO Holdings, the leading steelmaker, fell 1.86 percent to 237,000 won.
Samsung Biologics, a top biotech firm, saw a decline of 1.63 percent to 1.03 million won, while KB Financial, a leading financial company, slightly decreased by 0.1 percent to 101,900 won. In the automotive sector, Hyundai Motor remained steady at 181,900 won, while Kia Motors increased slightly by 0.11 percent to 88,200 won.
However, Hanwha Aerospace, a defense giant, experienced a significant rise of 6.48 percent to 887,000 won, and major biopharmaceutical company Celltrion advanced by 1.7 percent to 155,600 won. The local currency was quoted at 1,369.5 won against the U.S. dollar at 3:30 p.m., down 5.1 won from the previous session.