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Korean stocks open higher after previous day's sharp drop

Published: 08 Apr. 2025, 10:57

A currency trader walks by the screens showing the Kospi, left, and the foreign exchange rate between the U.S. dollar and Korean won at a trading room in central Seoul on April 8. [AP/YONHAP]

Korean stocks got off to a strong start Tuesday on bargain hunting following a sharp drop the previous day.

The benchmark Kospi added 47.93 points, or 2.06 percent, to 2,376.13 in the first 15 minutes of trading.

The index nose-dived 5.57 percent Monday on panic selling out of concerns over an escalating global trade war triggered by U.S. reciprocal tariffs.

In the United States, major stocks finished mixed as U.S. President Donald Trump remained firm on tariffs, warning he could further increase levies on China.

The Dow Jones Industrial Average fell 0.91 percent, and the S&P 500 lost 0.23 percent, while the Nasdaq Composite gained 0.1 percent.

In Seoul, most shares started in positive territory.

Market bellwether Samsung Electronics jumped 3.01 percent on its better-than-expected first-quarter earnings guidance released before the market opened.

Chip giant SK hynix vaulted 4.61 percent, and leading battery maker LG Energy Solution rose 2.17 percent.

Top carmaker Hyundai Motor climbed 0.39 percent, and steelmaker Posco Holdings advanced 1.57 percent.

The local currency was trading at 1,468.6 won against the dollar at 9:15 a.m., down 3.3 won from the previous session.

Yonhap