Seoul: South Korean stocks traded lower late Monday morning despite strong gains of top-cap Samsung Electronics amid lingering uncertainties over the United States' tariff scheme ahead of the August 1 negotiation deadline. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.07 points, or 0.38 percent, to 3,183.98 as of 11:20 a.m. The index opened higher but turned lower, weighed down by selling by foreign and retail investors.
According to Yonhap News Agency, eyes are on negotiations between Seoul and Washington on the U.S.' aggressive tariff scheme, with just four days to go before the U.S.' country-specific tariffs will resume. Finance Minister Koo Yun-cheol is likely to meet with Treasury Secretary Scott Bessent on Thursday after their talks, initially planned for the weekend alongside their industry ministers, were abruptly postponed due to a scheduling conflict on Bessent's part.
Big-cap shares displayed mixed results. Market bellwether Samsung Electronics surged 2.5 percent on news that it has signed a contract worth US$16.5 billion won to supply semiconductors to a major global company. However, chip giant SK hynix lost 1.6 percent. Leading battery maker LG Energy Solution spiked 4.54 percent, and top chemical firm LG Chemical advanced 2.61 percent. Carmakers also gathered ground, with top automaker Hyundai Motor rising 0.23 percent, while its sister affiliate Kia went up 0.67 percent.
Defense systems giant Hanwha Aerospace edged down 0.11 percent, and nuclear power plant manufacturer Doosan Enerbility sank 3.19 percent. Leading financial firm KB Financial dropped 6.23 percent. The No. 1 steelmaker POSCO lost 1.05 percent. Shipbuilders gathered ground on hopes for stronger cooperation with the U.S., with leading shipbuilder HD Hyundai Heavy soaring 3.04 percent, and its rival Hanwha Ocean jumping 6.44 percent.
The local currency was trading at 1,381.25 won against the U.S. dollar at 11:20 a.m., down 3.35 won from the previous session.