South Korean stocks opened slightly higher Monday, despite US losses, as investors went bargain hunting following a steep fall last week.
The benchmark Korea Composite Stock Price Index rose 5.5 points, or 0.18 percent, to 3,124.91 in the first 15 minutes of trading.
On Friday, the Kospi sank at the steepest pace in nearly four months as investor sentiment was dragged down by the government's tax revision proposal to raise taxes on corporations and stock investors.
Wall Street lost ground last week amid concerns over an economic recession sparked by weaker-than-expected US jobs data and the announcement by US President Donald Trump on the increase of the reciprocal tariff rate for some countries, including Switzerland. The Dow Jones Industrial Average closed 1.23 percent lower Friday, with the tech-heavy Nasdaq composite sliding 2.24 percent. The S&P 500 index fell 1.6 percent.
In Seoul, big-cap shares kicked off mixed.
Market bellwether Samsung Electronics rose 1.02 percent, while chip giant SK hynix dropped 0.97 percent.
Internet portal operator Naver climbed 1.78 percent, and Kakao, the operator of the country's dominant mobile messenger, surged 4.32 percent.
Leading nuclear power plant builder Doosan Enerbility spiked 3.91 percent.
Major automaker Kia expanded 0.89 percent, while local industry leader Hyundai Motor stayed flat.
On the other hand, shipbuilders fell sharply after last week's rally. Shipbuilders had soared on the back of South Korea's pledge to invest $150 billion in the US shipbuilding industry as part of a tariff deal with the Trump administration.
HD Hyundai Heavy lost 3.46 percent, and Hanwha Ocean tumbled 4.51 percent.
Leading battery maker LG Energy Solution shed 0.67 percent, and defense powerhouse Hanwha Aerospace dipped 0.64 percent.
The local currency was trading at 1,387.7 won against the greenback at 9:15 a.m., sharply up 13.7 won from the previous session. (Yonhap)
