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Kospi opens higher on batteries, chemicals

Published: 26 May. 2025, 10:42 Updated: 28 May. 2025, 19:00

Dealers work at their desks in the main dealing room of Hana Bank's headquarters in central Seoul on May 26. [YONHAP]

Korean stocks opened higher Monday, led by gains of major battery and chemical shares, despite renewed concerns over the U.S. President Donald Trump administration's threat to impose sweeping tariffs on smartphone manufacturers.

The benchmark Kospi rose 13.11 points, or 0.51 percent, to 2,605.20 in the first 15 minutes of trading.

On Friday, Trump threatened to roll out 25 percent tariffs by the end of next month on smartphones made by Apple, Samsung Electronics and other companies if they are not manufactured in the United States.

The remarks posted by Trump on social media led to plunges in the U.S. markets, with the Dow Jones Industrial Average dropping 0.61 percent and the Nasdaq composite losing 1.0 percent.

In Seoul, top-cap shares opened mixed.

Market bellwether Samsung Electronics lost 0.18 percent, and chip giant SK hynix tumbled 1.25 percent.

However leading battery maker LG Energy Solution spiked 3.92 percent, and industry leader LG Chem surged 2.47 percent. No. 1 steelmaker Posco Holdings advanced 1.71 percent.

Major bio firm Samsung Biologics added 0.39 percent, while defense giant Hanwha Aerospace dropped 3.13 percent.

Carmakers opened higher. Top automaker Hyundai Motor and its sister affiliate Kia added 0.23 percent each.

Leading financial firm KB Financial went up 0.71 percent, and top online portal operator Naver edged up 0.05 percent.

The local currency was trading at 1,366.65 won against the greenback at 9:15 a.m., up 8.95 won from the previous session.

Yonhap