Seoul shares open lower on tariff woes, Middle East tension
South Korean stocks opened lower Friday on concerns over the impact of the planned expansion of the United States' tariffs on steel derivative imports and rising tensions in the Middle East.
The benchmark Korea Composite Stock Price Index lost 6.67 points, or 0.23 percent, to 2,913.36 in the first 15 minutes of trading.
Overnight, Wall Street closed higher on reduced inflationary pressure and stable interest rates. The Dow Jones Industrial Average gained 0.24 percent, the tech-heavy Nasdaq composite rose 0.24 percent, and the S&P 500 added 0.38 percent.
However, investors were paying attention to the possible impact of US President Donald Trump's administration's new steps to subject imported household appliances, such as dishwashers, washing machines, refrigerators and others, to the expanded steel tariff scheme to take effect later this month.
News that Israel conducted a preemptive strike on Iran also sapped investors' risk appetite, increasing market volatility.
In Seoul, tech behemoth Samsung Electronics dropped 0.5 percent, and its rival home appliance maker LG Electronics sank 2.4 percent, reflecting the Trump administration's plan to expand the subject range of steel tariffs.
Top automaker Hyundai Motor and its sister Kia went down 1.24 percent and 1.22 percent, respectively.
Leading battery maker LG Energy Solution also slid 2.63 percent.
On the other hand, major chipmaker SK hynix went up 1.38 percent, and internet portal operator Naver increased 1.31 percent.
Major shipbuilders also kicked off strong, with HD Hyundai Heavy jumping 3.34 percent and HD Korea Shipbuilding soaring 4.26 percent.
The local currency was trading at 1,361.9 won against the greenback at 9:15 a.m., down 3.2 won from the previous session. (Yonhap)
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