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Kospi opens lower as it tracks overnight losses on Wall Street

Published: 24 Feb. 2025, 09:57 Updated: 24 Feb. 2025, 11:17

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Feb. 24. [YONHAP]

Seoul shares opened lower Monday, tracking losses on Wall Street, amid investor concerns over the impact of U.S. trade tariffs on major industries.

The Kospi fell 14.99 points, or 0.56 percent, to 2,639.59 in the first 15 minutes of trading.

On Friday, U.S. stocks recorded their worst session of the year so far on lackluster economic data.

A weak consumer sentiment index and other indicators sparked concern among U.S. investors over higher inflation ahead from new tariffs.

The Dow Jones Industrial Average fell 1.69 percent to 43,428.02 points and the tech-heavy Nasdaq composite declined 2.2 percent to 19,524.01.

Investors remain concerned over the impact of upcoming tariffs on cars, semiconductors and pharmaceuticals on related industries over the next month or sooner.

The U.S. government has already imposed a 25 percent tariff on all steel and aluminum imports, escalating worries over a global trade war.

In Seoul, tech and auto stocks led declines.

Samsung Electronics fell 1.37 percent, and SK hynix declined 3.34 percent.

Hyundai Motor dropped 0.49 percent, and Korean Air shed 0.41 percent.

Among gainers, Posco Holdings rose 0.18 percent and HMM jumped 13.82 percent.

LG Energy Solution gained 1.59 percent, and Samsung SDI was up 3.24 percent.

The local currency was trading at 1,435.75 won against the dollar at 9:15 a.m., up 1.45 won from the previous session.

Yonhap