Seoul: South Korean stocks started slightly higher Monday as U.S. President Donald Trump announced plans regarding auto tariffs and value-added tax (VAT) systems. The benchmark Korea Composite Stock Price Index (KOSPI) increased by 3.3 points, or 0.13 percent, reaching 2,594.35 in the initial 15 minutes of trading.
According to Yonhap News Agency, Trump revealed on Friday that he might impose tariffs on auto imports starting April 2, a move seemingly targeting the South Korean car industry. Additionally, he stated that VAT systems would be treated similarly to tariffs for the purpose of calculating reciprocal levies on other nations.
U.S. stocks ended with mixed results last Friday. The Dow Jones Industrial Average fell by 0.37 percent, whereas the Nasdaq composite, which is tech-focused, rose by 0.41 percent.
In Seoul, some market heavyweights opened positively. Notably, chip manufacturer SK hynix saw an increase of 1.43 percent, and LG Energy Solution, a leading battery maker, went up by 0.42 percent. Naver, the top online portal operator, climbed 0.23 percent, and SK Innovation, a major oil refinery, rose by 0.16 percent.
On the other hand, carmakers experienced a downturn, with industry leader Hyundai Motor falling by 2.18 percent and its affiliate Kia decreasing by 0.42 percent.
The local currency was trading at 1,442.85 won against the U.S. dollar at 9:15 a.m., an increase of 0.85 won from the previous session.