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Kospi opens lower on profit-taking

Published: 02 Jul. 2025, 10:32

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on July 2. [YONHAP]

Shares opened lower Wednesday following recent marked gains.

The Kospi fell 30.74 points, or 0.99 percent, to 3,058.91 in the first 15 minutes of trading.

During the previous two sessions, the index surged amid expectations for progress in U.S. tariff talks and the revision of the shareholder-friendly Commercial Act.

Overnight, U.S. shares closed mixed, as an unexpected rise in job openings dimmed the outlook for the U.S. Federal Reserve's interest rate cuts.

Also affecting investor sentiment was that U.S. President Donald Trump threatened to withdraw government subsidies from Tesla and other companies of Elon Musk, as well as examine his immigration status, after Musk ratcheted up his criticism of Trump's tax and spending bill.

The Dow Jones Industrial Average went up 0.91 percent, while the S&P 500 edged down 0.11 percent. The tech-heavy Nasdaq composite sank 0.82 percent.

In Seoul, most big-cap tech shares opened lower.

Market bellwether Samsung Electronics lost 0.56 percent, while chip giant SK hynix dipped 2.1 percent.

Leading biotech firm Samsung Biologics edged down 0.2 percent, and leading battery maker LG Energy Solution retreated 1.85 percent.

But carmakers gathered ground. Top automaker Hyundai Motor climbed 0.95 percent, and its sister affiliate Kia advanced 0.41 percent.

Leading financial firm KB Financial went up 1.17 percent, while defense giant Hanwha Aerospace dipped 3.81 percent.

The local currency was trading at 1,355.85 won against the greenback at 9:15 a.m., down 0.004 percent from the previous session.

Yonhap