Seoul shares open tad lower due to Trump not relenting on tariffs
South Korean stocks opened slightly lower Friday after US President Donald Trump reaffirmed his determination to push forward with his controversial tariff policies.
The benchmark Korea Composite Stock Price Index fell 0.19 point, or 0.01 percent, to 2,573.45 in the first 15 minutes of trading.
Overnight, Wall Street lost ground after Trump stressed his commitment to tariffs on steel, aluminum and cars, as claims of policy inconsistency lingered due to his administration's recent adjustments to the imposition of levies on Canadian and Mexican goods.
The S&P 500 shed 1.39 percent, and the tech-heavy Nasdaq plummeted 1.96 percent. The Dow Jones Industrial Average slipped 1.3 percent.
In Seoul, battery manufacturers and bio shares lost ground. LG Energy Solution slid 0.73 percent, and Samsung Biologics fell 1.42 percent.
Financials and energy shares also retreated, with KB Financial down 1.15 percent and leading refiner SK Innovation shedding 1.94 percent.
Chipmakers, however, prevented the market from incurring further losses. Market heavyweight Samsung Electronics edged up 0.18 percent, and chip rival SK hynix gained 0.4 percent.
The local currency was trading at 1,454.90 won against the US dollar at 9:15 a.m., down 1.10 won from the previous session. (Yonhap)
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