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Kospi opens lower as tech stocks slide on Trump tariff concerns

Published: 12 Feb. 2025, 10:00

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Feb. 12. [YONHAP]

Shares opened lower Wednesday, led by losses of big-cap tech shares amid concerns about U.S. President Donald Trump's sweeping tariff plan.

The Kospi shed 6.21 points, or 0.24 percent, to 2,532.84 in the first 15 minutes of trading.

Companies are scurrying to minimize the impact of Trump's new tariff scheme on their businesses, as Washington plans to impose 25 percent tariffs on all steel and aluminum imports into the United States.

Trump is also reviewing tariffs on cars and semiconductors, which are major export items for Korea.

U.S. shares ended mixed Tuesday. The Dow Jones Industrial Average rose 0.28 percent, while the tech-heavy Nasdaq composite fell 0.36 percent.

In Seoul, tech and pharmaceuticals lost ground.

Samsung Electronics sank 1.97 percent, and SK hynix tumbled 1.75 percent.

Samsung Biologics went down 2.3 percent, and Celltrion lost 0.72 percent.

LG Energy Solution added 0.44 percent.

Carmakers traded mixed. Top automaker Hyundai Motor inched up 0.1 percent, but its sister affiliate Kia dived 1.07 percent.

Naver decreased 1.09 percent, and Posco Holdings dipped 1.7 percent.

The local currency was trading at 1,453.40 won against the greenback at 9:15 a.m., up 0.8 won from the previous session.

Yonhap