Seoul: South Korean stocks remained nearly unchanged late Monday morning as tech gains offset losses of steel and auto shares amid concerns about the impact of U.S. President Donald Trump’s sweeping tariffs on the industries. The benchmark Korea Composite Stock Price Index had added 1.16 points, or 0.05 percent, to 2,523.09 as of 11:20 a.m.
According to Yonhap News Agency, the index opened markedly lower on news that Trump will announce a new 25 percent tariff on all steel and aluminum imports into the United States, as well as reciprocal tariffs to take effect almost immediately. However, most of the earlier losses were erased by institutional and retail buying of some leading tech shares.
Top-cap shares showed mixed results. Market bellwether Samsung Electronics rose 0.56 percent, while chip giant SK hynix shed 0.74 percent. Leading battery maker LG Energy Solution gained 0.45 percent. On the contrary, No. 1 steelmaker POSCO Holdings plunged 1.26 percent, and Hyundai Steel sank 2.48 percent.
In the auto sector, top automaker Hyundai Motor slid 0.5 percent, and its sister affiliate Kia plunged 2.59 percent. Major bio shares also faced declines, with Samsung Biologics going down 0.26 percent, and Celltrion decreasing 0.45 percent. In contrast, No. 1 portal operator Naver rose 2.22 percent, and Kakao, the operator of the country’s top mobile messenger, remained flat.
The local currency was trading at 1,455.75 won against the U.S. dollar at 11:20 a.m., down 7.95 won from the previous session.