Seoul shares open markedly lower on tech losses after tariff deal

SEOUL, Aug. 1 (Yonhap) -- South Korean stocks opened sharply lower Friday, led by major tech losses, as investors assessed the impact of the Donald Trump administration's new tariff scheme on the industry.
The benchmark Korea Composite Stock Price Index (KOSPI) lost 57.84 points, or 1.78 percent, to 3,187.60 in the first 15 minutes of trading.
On Thursday, South Korea and the United States reached a trade deal that calls for lowering reciprocal tariffs on South Korean imports to 15 percent from the initially proposed 25 percent in return for massive investments. U.S. President Trump signed an executive order that sets new tariffs to go into effect next Thursday.
But the U.S. has yet to clinch a tariff deal with several partner nations, including Canada and India.
Investor sentiment also remained weak as the purchasing managers' index of China showed weaker than expected economic activity.
Overnight, U.S. stocks fell as investors remained cautious about Trump's tariff deadline for some of its trading partners while awaiting major corporate earnings reports. The Dow Jones Industrial Average slid 0.7 percent, and the tech-heavy Nasdaq composite shed 0.38 percent. The S&P 500 index fell 0.4 percent.
Most top-cap shares opened lower.
Market bellwether Samsung Electronics fell 0.21 percent, while chip giant SK hynix sank 3.66 percent.
Leading battery maker LG Energy Solution tumbled 1.44 percent, and major bio company Samsung Biologics shed 1.41 percent.
Defense giant Hanwha Aerospace dipped 4.32 percent, and nuclear power plant manufacturer Doosan Enerbility retreated 3.35 percent.
Shipbuilders fell on profit-taking. Leading shipbuilder HD Hyundai Heavy skidded 3.36 percent, and its rival Hanwha Ocean edged down 0.45 percent.
But automakers opened higher on bargain hunting. Top automaker Hyundai Motor rose 0.59 percent, while its sister affiliate Kia added 0.29 percent.
The local currency was trading at 1,395 won against the greenback at 9:15 a.m., down 8 won from the previous session.

Sumber : yna.co.kr