Seoul's stock market opened lower on Friday, mirroring the overnight losses on Wall Street, as investors grappled with the ongoing US-China trade tensions and their potential impact on the global economy. The Korea Composite Stock Price Index (KOSPI) took a hit, falling 19.87 points, or 0.53%, to 3,728.50 in the initial 15 minutes of trading, following a strong performance on Thursday that saw it reach a new all-time high of 3,748.37 points. The KOSPI's decline was in line with the broader market sentiment, as US stocks faced pressure due to concerns over the credit market, triggered by reports of bad loans at two major US banks. However, the impact wasn't uniform across all sectors. Large-cap stocks in Seoul showed mixed performance. While Samsung Electronics, a market leader, dipped by 0.2%, LG Electronics, a prominent home appliance manufacturer, saw a 0.36% decline. Korean Air, the national flag carrier, lost 0.45%, and Hanwha Aerospace, a defense firm, shed 1.28%. On the positive side, Hyundai Motor, the top carmaker, rose 1.24%, and its affiliate Kia climbed 0.72%. Hanwha Ocean, a shipbuilding subsidiary of Hanwha Group, gained 2.43%, and Posco Holdings, a leading steelmaker, advanced 0.7%. The local currency, the Korean Won, was trading at 1,417.95 Won per US Dollar as of 9:15 a.m., a slight depreciation of 0.05 Won from the previous day's close. This situation highlights the complex interplay between global economic factors and domestic markets, leaving investors to navigate the challenges of an uncertain international trade landscape.
