Seoul: South Korean stocks started lower Tuesday despite overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) lost 12.01 points, or 0.46 percent, to 2,600.42 in the first 15 minutes of trading.
According to Yonhap News Agency, U.S. stocks finished higher ahead of earnings reports from major tech firms. The Dow Jones Industrial Average rose 0.65 percent, and the Nasdaq Composite added 0.26 percent. Despite these positive performances in the U.S. markets, key South Korean stocks struggled to find momentum.
In Seoul, market bellwether Samsung Electronics fell 0.69 percent and its chipmaking rival SK hynix went down 0.66 percent. Leading EV battery maker LG Energy Solution saw a significant drop of 1.92 percent, and top carmaker Hyundai Motor retreated by 1.1 percent. On a brighter note, major defense firm Hanwha Aerospace rose 1.32 percent, and Samsung Group’s biotech affiliate Samsung Biologics climbed 0.76 percent.
The local currency was trading at 1,383.95 won against th
e U.S. dollar, up 1.05 won from the previous session, reflecting a slight gain against the dollar amid the mixed stock performance.