Seoul: South Korean stocks opened nearly unchanged Wednesday after reaching a four-year high the previous session amid uncertainties over high-stakes tariff talks with the United States. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.88 points, or 0.06 percent, to 3,232.45 in the first 15 minutes of trading.
According to Yonhap News Agency, South Korea continued intensive negotiations with the U.S. to reach a deal on President Donald Trump's administration's sweeping tariff scheme before the Aug. 1 deadline. In the latest round of meetings, Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, and Trade Minister Yeo Han-koo held two-hour talks with U.S. Commerce Secretary Howard Lutnick in Washington on Tuesday (U.S. time), according to Koo's office.
Overnight, U.S. stocks lost ground awaiting the Federal Reserve's monetary decision Wednesday. The Dow Jones Industrial Average lost 0.46 percent, and the tech-heavy Nasdaq composite shed 0.38 percent. The S and P 500 index fell 0.3 percent.
Top-cap shares traded mixed. Market bellwether Samsung Electronics surged 1.84 percent, and chip giant SK hynix edged up 0.19 percent. Leading battery maker LG Energy Solution shed 0.64 percent, and major bio company Samsung Biologics fell 0.46 percent. Defense giant Hanwha Aerospace sank 2.1 percent, while leading financial firm KB Financial inched up 0.09 percent. Nuclear power plant manufacturer Doosan Enerbility tumbled 2 percent. Top automaker Hyundai Motor opened unchanged, while its sister affiliate Kia increased 0.47 percent. Top online portal operator Naver climbed 0.86 percent, while leading steelmaker POSCO dipped 1.26 percent.
The local currency was trading at 1,388.4 won against the greenback at 9:15 a.m., up 2.6 won from the previous session.