Seoul: Seoul shares opened nearly 1 percent higher Tuesday despite U.S. President Donald Trump's decision to impose 25 percent tariffs on South Korean imports and a sluggish first-quarter earnings guidance report from Samsung Electronics. The benchmark Korea Composite Stock Price Index (KOSPI) climbed 28.35 points, or 0.93 percent, to 3,087.82 in the first 15 minutes of trading.
According to Yonhap News Agency, Trump unveiled a letter addressed to South Korean President Lee Jae Myung, stating that the United States will start imposing 25 percent tariffs on South Korean products on August 1. Additionally, Samsung Electronics estimated its second-quarter operating profit plunged 55.9 percent from a year earlier due to a sluggish chip business and the fallout from U.S. trade policies, missing market expectations.
Financial and shipbuilding shares led the overall gains, with KB Financial jumping 2.88 percent and HD Hyundai Heavy Industries adding 2.25 percent. Automotive and internet portal shares also advanced, with top automaker Hyundai Motor rising 1.32 percent and leading internet portal operator Naver gaining 1.17 percent.
No. 2 chipmaker SK hynix added 1.66 percent, but market heavyweight Samsung Electronics dropped 0.49 percent. Leading biotech firm Samsung Biologics and top defense systems manufacturer Hanwha Aerospace shed 0.19 percent and 0.75 percent, respectively.
The local currency was trading at 1,370.05 won against the U.S. dollar at 9:15 a.m., down 2.25 won from the previous session.