Seoul stocks turn lower after opening higher on profit-taking

Seoul shares experienced a decline following a higher opening on Tuesday, as worries about rising bond yields at multi-decade peaks negatively impacted investor confidence. Initially, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.58 percent, but it ultimately fell 8.14 points, or 0.12 percent, to 6,995.60 by 9:15 a.m. Investors are now focusing on forthcoming corporate earnings results, although rising interest rates, soaring energy costs, and renewed inflation concerns are driving up global bond yields.

Over the weekend, the Dow Jones Industrial Average gained 0.18 percent, while the tech-focused Nasdaq Composite surged 1.05 percent. In Seoul, large-cap companies had a mixed performance. Samsung Electronics, the market's leading index, saw a rise of 0.36 percent, whereas Hyundai Motor increased by 0.87 percent. Conversely, LG Electronics surged 6.02 percent after securing a long-term supply deal for chillers for artificial intelligence data centers with a North American firm.

Among the stocks that declined, SK hynix, Samsung's chipmaking competitor, dropped 1.14 percent, and Korea Aerospace Industries fell 2.1 percent. The Korean won was trading at 1,343.20.