Seoul: South Korean stocks started nearly unchanged Tuesday following a trade agreement between the United States and China. The benchmark Korea Composite Stock Price Index (KOSPI) added 0.75 point, or 0.03 percent, to 2,608.08 in the first 15 minutes of trading.
According to Yonhap News Agency, the trade agreement resulted from two-day talks in Switzerland over the weekend, where the U.S. and China agreed to cut reciprocal tariffs on each other for 90 days. Wall Street responded positively to the deal, with three major indexes rising sharply. The Dow Jones Industrial Average rose 2.81 percent, the S and P 500 jumped 3.26 percent, and the Nasdaq composite vaulted 4.35 percent.
In Seoul, major shares started in mixed territory. Market bellwether Samsung Electronics stayed flat, while its chipmaking rival SK hynix advanced 1.9 percent. Hyundai Motor, South Korea's top carmaker, saw a rise of 0.66 percent, whereas leading battery maker LG Energy Solution decreased by 0.16 percent. Defense giant Hanwha Aerospace experienced a fall of 3.17 percent, while top biotech firm Samsung Biologics mounted an increase of 1.31 percent.
The local currency was trading at 1,412.65 won against the U.S. dollar at 9:15 a.m., down 10.55 won from the previous session.