Seoul: South Korean stocks opened slightly lower Tuesday, tracking overnight losses on Wall Street sparked by uncertainties deriving from U.S. President Donald Trump's tariff policies and attack on the Federal Reserve. The benchmark Korea Composite Stock Price Index (KOSPI) lost 3.72 points, or 0.15 percent, to 2,484.7 in the first 15 minutes of trading.
According to Yonhap News Agency, the Dow Jones Industrial Average dropped 2.48 percent, the S and P 500 went down 2.36 percent, and the tech-heavy Nasdaq composite declined 2.55 percent as Trump increased criticism of Powell, warning that the U.S. economy could slow down unless the Fed immediately lowers its interest rate. Seoul investors' attention is now focused on South Korea's tariff negotiations with the United States, scheduled for later this week in Washington. South Korea was slapped with 25 percent reciprocal tariffs, though the U.S. paused their implementation for 90 days.
In Seoul, big-cap shares began mixed. Market bellwether Samsung Electronics shed 0.63 percent, and chip giant SK hynix pulled back 0.91 percent. Top automaker Hyundai Motor gained 0.16 percent, while its sister company Kia dropped 0.57 percent. Major defense firm Hanwha Aerospace rose 0.24 percent, and leading shipbuilder HD Hyundai Heavy climbed 1.7 percent.
The local currency was trading at 1,422.2 won against the U.S. dollar at 9:15 a.m., down 3.1 won from the previous session.