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Kospi crashes below 2,500 as short selling resumes, Trump tariffs draw near

Published: 31 Mar. 2025, 10:50 Updated: 31 Mar. 2025, 14:05

Opening market conditions for Kospi and the won-dollar exchange rate are displayed on the electronic board in the dealing room of the headquarters of Hana Bank in Jung District, central Seoul, on March 31. [NEWS1]

Korea's main Kospi bourse dipped below the psychologically significant 2,500 level in the early trading session with the restart of short selling and the imminent U.S. imposition of reciprocal tariffs.

The Kospi fell 63.81 points, or 2.49 percent, to 2,494.17 in the first 15 minutes of trading.

U.S. President Donald Trump said he will announce a set of reciprocal tariffs Wednesday, targeting nations that charge fees on U.S. exports, promising to match those countries' duties.

In Seoul, most shares started in negative territory.

Samsung Electronics dropped 2.16 percent, and its chipmaking rival SK hynix decreased 2.86 percent.

Carmaker Hyundai Motor lost 2.2 percent, and leading battery maker tumbled 4.92 percent.

Steel giant Posco Holdings sank 4.28 percent, and biotech firm Samsung Biologics retreated 3.05 percent.

The local currency was trading at 1,471.45 won against the dollar at 9:15 a.m., down 4.55 won from the previous session.

Yonhap