Seoul: Seoul shares extended losses late Thursday morning on tech and auto losses following Trump's comments on tariffs and the Federal Reserve's cautious stance on rate cuts. The benchmark Korea Composite Stock Price Index (KOSPI) fell 13.8 points, or 0.52 percent, to 2,657.72 as of 11:20 a.m.
According to Yonhap News Agency, individuals bought a net 382.4 billion won (US$265 million) worth of stocks, offsetting institutions and foreigners' stock selling valued at 412.2 billion won. In his latest comments on tariffs, U.S. President Donald Trump said he will announce tariffs on cars, semiconductors, and pharmaceuticals "over the next month or sooner." He already ordered a 25 percent tariff on all steel and aluminum imports, escalating worries over a global trade war.
If imposed, U.S. tariffs are expected to definitely hit related industries in South Korea, which heavily relies on exports to the United States for growth. The latest minutes from the Fed that showed fresh caution on rate cuts are also weighing on investor sentiment, analysts said. In Seoul, tech and auto stocks led declines.
Market behemoth Samsung Electronics fell 0.17 percent, No. 2 chipmaker SK hynix declined 1.83 percent, and top carmaker Hyundai Motor shed 0.98 percent. Leading shipbuilder HD Hyundai Heavy Industries plunged 10.23 percent and Hanwha Ocean slid 6.98 percent. Among gainers, leading battery maker LG Energy Solution rose 3.14 percent and leading refiner SK Innovation climbed 1.77 percent.
The local currency was trading at 1,440.30 won against the U.S. dollar at 11:20 a.m., down 1.8 won from the previous session.