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Kospi opens higher amid multiple U.S. trade deals

Published: 23 Jul. 2025, 09:55

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on July 23. [YONHAP]

Shares kicked off higher Wednesday following news the United States had struck a tariff agreement with Japan and the Philippines.

The Kospi gained 12.1 points, or 0.38 percent, to 3,182.04 in the first 15 minutes of trading.

Overnight, Wall Street closed mixed amid a slide in tech shares and expectations brewed by U.S. Treasury Secretary Scott Bessent's remarks that he will meet with his Chinese counterpart in Stockholm next week for trade talks.

The Dow Jones Industrial Average rose 0.4 percent, and the S&P 500 edged up 0.06 percent.

The tech-heavy Nasdaq composite, however, shed 0.39 percent as major semiconductor shares lost ground following reports the ambitious artificial intelligence project "Stargate," led by OpenAI and SoftBank, has been facing internal disagreements.

Meanwhile, U.S. President Donald Trump's announcement over trade deals with Japan and the Philippines boosted hopes for eased trade uncertainties.

In Seoul, tech giant Samsung Electronics lost 0.3 percent, and its chipmaking rival SK hynix went down 0.93 percent.

Defense giant Hanwha Aerospace dropped 0.65 percent, and leading shipbuilder HD Hyundai Heavy declined 0.84 percent.

On the other hand, leading battery maker LG Energy Solution climbed 1.05 percent, and major biotech firm Samsung Biologics advanced 2.02 percent.

Automakers were strong, with Hyundai Motor soaring 4.12 percent and its sister Kia jumping 3.78 percent.

Steel giant Posco Holdings also surged 4.95 percent.

The local currency was trading at 1,380.7 won against the U.S. dollar at 9:15 a.m., down 0.51 percent from the previous session of 1387.8 won.

Yonhap