Seoul: Seoul shares opened lower Monday, tracking losses on Wall Street, amid investor concerns over the impact of U.S. trade tariffs on major industries. The benchmark Korea Composite Stock Price Index (KOSPI) fell 14.99 points, or 0.56 percent, to 2,639.59 in the first 15 minutes of trading.
According to Yonhap News Agency, on Friday (U.S. time), U.S. stocks recorded their worst session of the year so far due to lackluster economic data. A weak consumer sentiment index and other indicators sparked concern among U.S. investors over higher inflation ahead from new tariffs. The Dow Jones Industrial Average fell 1.69 percent to 43,428.02 points, while the tech-heavy Nasdaq composite declined 2.2 percent to 19,524.01.
Investors remain concerned about the impact of upcoming tariffs on cars, semiconductors, and pharmaceuticals on related industries over the next month or sooner. The U.S. government has already imposed a 25 percent tariff on all steel and aluminum imports, escalating worries over a global trade war.
In Seoul, tech and auto stocks led the declines. Market bellwether Samsung Electronics fell 1.37 percent, and No. 2 chipmaker SK hynix declined 3.34 percent. Top carmaker Hyundai Motor dropped 0.49 percent, and national flag carrier Korean Air shed 0.41 percent.
Among gainers, steelmaker POSCO Holdings rose 0.18 percent, and leading shipper HMM jumped 13.82 percent. Leading battery maker LG Energy Solution gained 1.59 percent, and No. 2 battery maker Samsung SDI was up 3.24 percent.
The local currency was trading at 1,435.75 won against the dollar at 9:15 a.m., down 1.45 won from the previous session.