Seoul: South Korean stocks traded lower late Friday morning as investors moved to lock in profits from recent gains while watching developments in tariff talks with the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.53 points, or 1.72 percent, to 3,062.74 as of 11:20 a.m. The index opened slightly higher, tracking Wall Street gains, and soon turned negative on foreign and institutional selling.
According to Yonhap News Agency, the index had surged to its highest level in nearly four years on Thursday. This rise was attributed to the National Assembly's passage of the shareholder-friendly Commercial Act revision and progress in tariff discussions between the United States and Vietnam. However, the focus has now shifted to Seoul's ongoing tariff talks with Washington, with just a week left before the July 8 deadline set by U.S. President Donald Trump.
Trade Minister Yeo Han-koo is expected to visit the United States this week for last-minute negotiations, which will be closely watched by investors and policymakers alike. The outcome of these talks is likely to have significant implications for the South Korean market and its economic relations with the United States.