South Korean Stocks Hold Steady as Tariff Talks with U.S. Heat Up

The benchmark Korea Composite Stock Price Index (KOSPI) edged up 1.88 points, or 0.06 percent, to 3,232.45 in early trading.
South Korean officials are engaged in intense talks with their U.S. counterparts in an effort to reach an agreement on President Donald Trump’s broad tariff plan before the August 1 deadline.
On Tuesday, Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan, and Trade Minister Yeo Han-koo met with U.S. Commerce Secretary Howard Lutnick in Washington for two hours, according to Koo’s office.
Wall Street retreated overnight as investors awaited the Federal Reserve’s monetary policy decision on Wednesday. The Dow Jones Industrial Average fell 0.46 percent, while the tech-heavy Nasdaq Composite and the S&P 500 dropped 0.38 percent and 0.3 percent, respectively.
In Seoul, major stocks showed mixed performance.
Tech giant Samsung Electronics jumped 1.84 percent, and chipmaker SK hynix inched up 0.19 percent.
Battery maker LG Energy Solution declined 0.64 percent, and biotech firm Samsung Biologics slipped 0.46 percent.
Defense contractor Hanwha Aerospace plunged 2.1 percent, while financial heavyweight KB Financial Group barely moved, up 0.09 percent. Nuclear power plant manufacturer Doosan Enerbility tumbled 2 percent.
Automaker Hyundai Motor remained unchanged, while its affiliate Kia gained 0.47 percent.
Internet portal operator Naver rose 0.86 percent, but steelmaker POSCO fell 1.26 percent.
The Korean won strengthened against the U.S. dollar, trading at 1,388.4 KRW per dollar as of 9:15 a.m., up 2.6 KRW from the previous session’s close.