Seoul: Seoul shares traded lower late Wednesday morning, as investors took a breather ahead of last-minute negotiations with the United States over its aggressive tariff plan. The benchmark Korea Composite Stock Price Index (KOSPI) had shed 6.58 points, or 0.21 percent, to 3,163.36 as of 11:20 a.m.
According to Yonhap News Agency, the index opened slightly higher, rebounding from a sharp decline in the previous session, following news that U.S. President Donald Trump had announced tariff deals with Japan and the Philippines. However, it turned negative due to heavy selling by individual investors.
South Korea has gone all-out to reach a deal on the U.S.' aggressive tariff scheme by the August 1 deadline. The trade talks involving Finance Minister Koo Yun-cheol, Trade Minister Yeo Han-koo and their U.S. counterparts -- Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer -- are scheduled to take place in Washington on Friday (local time). Industry Minister Kim Jung-kwan left for Washington earlier in the day for separate talks with his U.S. counterpart.
Top-cap shares traded mixed. Tech giant Samsung Electronics fell 0.3 percent, and its chipmaking rival SK hynix decreased 0.37 percent. But leading battery maker LG Energy Solution rose 0.45 percent, and major biotech firm Samsung Biologics surged 0.16 percent, while defense powerhouse Hanwha Aerospace dipped 1.74 percent.
Carmakers rallied on news that the U.S. cut tariffs on imports of automobiles from Japan. No. 1 automaker Hyundai Motor spiked 5.81 percent and its sister Kia jumped 6.13 percent. Major power plant manufacturer Doosan Enerbility added 0.48 percent, and steel giant POSCO Holdings soared 2.79 percent.
The local currency was trading at 1,379.7 won against the U.S. dollar at 11:20 a.m., up 8.1 won from the previous session.