Seoul: Seoul shares opened lower Monday as investors awaited further details from the U.S. government on tariffs ahead of a July 9 deadline. The benchmark Korea Composite Stock Price Index (KOSPI) fell 3.78 points, or 0.12 percent, to 3,050.50 in the first 15 minutes of trading.
According to Yonhap News Agency, with country-by-country tariffs set to take effect August 1, major U.S. trading partners, including South Korea, have stepped up efforts to secure trade deals or lobby for more time. The Trump administration plans to send letters to trading partners over the next several days as its 90-day tariff pause comes to an end Wednesday (local time), or July 9.
In Seoul, tech and auto stocks led the decline. Market bellwether Samsung Electronics fell 1.03 percent and chip giant SK hynix slipped 0.18 percent. Top carmaker Hyundai Motor shed 0.95 percent and leading shipping firm HMM dropped 2.26 percent.
Among gainers, leading battery maker LG Energy Solution rose 0.64 percent and state-run utility Korea Electric Power Corp. climbed 2.03 percent. LG Energy Solution estimated its second-quarter operating profit more than doubled to 492.2 billion won (US$361.2 million) from 195.3 billion won a year earlier.
The local currency was trading at 1,362.95 won against the U.S. dollar at 9:15 a.m., down 0.65 won from the previous session.