Seoul: Seoul shares extended their losses late Thursday morning as concerns mounted following the U.S. administration's announcement on its plan to impose tariffs on all imported cars. The benchmark Korea Composite Stock Price Index (KOSPI) had lost 25.58 points, or 0.97 percent, to 2,618.36 as of 11:20 a.m.
According to Yonhap News Agency, overnight, major U.S. indexes lost ground, with the tech-heavy Nasdaq composite sliding 2.04 percent as Nvidia, Tesla, and other blue chip tech shares sharply went down. In Seoul, the auto industry was significantly impacted after U.S. President Donald Trump signed a proclamation to impose 25 percent tariffs on foreign-made cars, light trucks, and key parts like engines and transmissions, which will go into effect on April 2.
Hyundai Motor saw a decrease of 3.83 percent, and its sister company Kia plunged 2.96 percent. Hyundai Mobis, an auto-parts making affiliate of Hyundai Motor, also plummeted 3.68 percent. Internet portal operator Naver slid 3.38 percent, while Kakao, the operator of the country's top mobile messenger, pulled back 3.15 percent.
Furthermore, leading shipbuilder Hanwha Ocean dropped 2.56 percent, and major oil refinery SK Innovation slipped 2.14 percent. Chipmaking giant SK hynix contracted 2.8 percent, while Samsung Electronics managed a slight gain of 0.49 percent. In currency markets, the local currency was trading at 1,465 won against the U.S. dollar at 11:20 a.m., showing an increase of 1.3 won from the previous session.