Seoul: South Korean stocks opened marginally lower Friday, despite overnight U.S. gains, due to profit-taking following sharp increases the previous session. The benchmark Korea Composite Stock Price Index (KOSPI) fell 10.2 points, or 0.33 percent, to 3,106.07 in the first 15 minutes of trading.
According to Yonhap News Agency, the index jumped to the highest level in nearly four years Thursday, as investors welcomed the National Assembly's passage of the shareholder-friendly Commercial Act revision and progress in tariff talks between the United States and Vietnam. Eyes are now on Seoul's tariff talks with Washington as just a week remained until the July 8 deadline set by U.S. President Donald Trump. Trade Minister Yeo Han-koo is scheduled to visit the U.S. this week for last-minute negotiations.
Overnight on Wall Street, stocks surged on strong jobs data and eased concerns about an economic slowdown. The S and P 500 index and the tech-heavy Nasdaq composite rose 0.83 percent and 1.02 percent, respectively, both closing at record highs. The Dow Jones Industrial Average rose 0.7 percent.