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Kospi opens higher on U.S. gains, tax reform hope

Published: 09 Sep. 2025, 10:05 Updated: 09 Sep. 2025, 10:08

A screen in Hana Bank's trading room in central Seoul shows the Kospi opening on Sept. 9. [YONHAP]

Shares opened higher on Tuesday, tracking overnight gains on Wall Street, amid growing expectations of the U.S. Federal Reserve's interest rate cut and market-friendly tax reform measures.

The benchmark Kospi added 4.88 points, or 0.15 percent, to 3,224.47 in the first 15 minutes of trading.

Overnight, U.S. stocks gathered ground as a weaker-than-expected August jobs report reinforced expectations that the Fed would start reducing rates soon. The Dow Jones Industrial Average rose 0.25 percent, and the tech-heavy Nasdaq composite gained 0.45 percent. The S&P 500 index went up 0.21 percent.

Investors also welcomed the news that Finance Minister Koo Yun-cheol on Monday hinted at the possibility of revising the government's earlier proposal on the criteria for major shareholders subject to capital gains tax on stock transactions.

The Finance Ministry had previously proposed lowering the threshold for capital gains tax on stock holdings from 5 billion won ($3.61 million) to 1 billion won, a move that has drawn criticism from investors.

Top-cap shares opened mixed.

Market bellwether Samsung Electronics increased 0.29 percent, and chip giant SK hynix edged up 0.18 percent.

But leading battery maker LG Energy Solution remained unchanged, and nuclear power plant manufacturer Doosan Enerbility retreated 0.99 percent. Defense giant Hanwha Aerospace dipped 0.95 percent.

Major bio company Samsung Biologics grew 0.48 percent, while Celltrion lost 0.29 percent.

Leading shipbuilder HD Hyundai Heavy shed 0.2 percent, but its rival Hanwha Ocean jumped 0.99 percent.

Automakers opened higher. Top automaker Hyundai Motor climbed 0.69 percent, and its sister affiliate Kia added 0.19 percent.

Leading financial firm KB Financial Group advanced 0.66 percent, and major steelmaker Posco Holdings rose 1.07 percent.

The local currency was trading at 1,385.45 won against the greenback at 9:15 a.m., down 0.37 percent from the previous session's 3:30 p.m. quote of 1,390.60 won.

Yonhap