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Kospi opens lower on profit-taking

Published: 04 Jul. 2025, 09:37 Updated: 04 Jul. 2025, 12:50

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on July 4. [YONHAP]

Shares opened marginally lower Friday, despite overnight U.S. gains, due to profit-taking following sharp increases the previous session.

The Kospi fell 10.2 points, or 0.33 percent, to 3,106.07 in the first 15 minutes of trading.

The index jumped to the highest level in nearly four years Thursday, as investors welcomed the National Assembly's passage of the shareholder-friendly Commercial Act revision and progress in tariff talks between the United States and Vietnam.

Eyes are now on Seoul's tariff talks with Washington as just a week remained until the July 8 deadline set by U.S. President Donald Trump.

Trade Minister Yeo Han-koo is scheduled to visit the United States this week for last-minute negotiations.

Overnight on Wall Street, stocks surged on strong jobs data and eased concerns about an economic slowdown. The S&P 500 index and the tech-heavy Nasdaq composite rose 0.83 percent and 1.02 percent, respectively, both closing at record highs. The Dow Jones Industrial Average rose 0.7 percent.

Large-cap shares opened mixed.

Market bellwether Samsung Electronics fell 0.63 percent, while chip giant SK hynix added 0.18 percent.

Leading battery maker LG Energy Solution sank 1.73 percent, but nuclear power plant manufacturer Doosan Enerbility added 0.32 percent.

Top steelmaker Posco Holdings soared 1.6 percent.

No. 1 automaker Hyundai Motor lost 0.23 percent, while its sister affiliate Kia advanced 0.5 percent.

Leading financial firm KB Financial dipped 1.03 percent, and defense giant Hanwha Aerospace decreased 0.98 percent.

Top online portal operator Naver decreased 0.2 percent, while Kakao, the operator of the country's dominant mobile messenger, edged up 0.17 percent.

The local currency was trading at 1,365.75 won against the greenback at 9:15 a.m., up 0.47 percent from the previous session.

Yonhap