▲ The opening benchmark Korea Composite Stock Price Index (KOSPI) is displayed on a screen inside the dealing room in Hana Bank in central Seoul on Feb. 2, 2026. (Yonhap)

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Seoul stocks open sharply lower amid new Fed chair nomination

SEOUL, Feb. 2 (Yonhap) -- South Korean stocks opened sharply lower Monday as investors sat on the sidelines following the nomination of the new U.S. Federal Reserve chair.

The benchmark Korea Composite Stock Price Index (KOSPI) declined 55 points, or 1.05 percent, to 5,169.36 in the first 15 minutes of trading.

U.S. stocks closed lower Friday (local time) as investors were calculating the potential impact after President Donald Trump said he has nominated Kevin Warsh as the front-runner for the new Fed chair. The former Fed governor has a hawkish record on interest rates.

The S&P 500 inched down 0.43 percent, while the tech-heavy Nasdaq slid 0.94 percent.

Meanwhile, gold and silver plunged, falling by more than 10 percent and 30 percent, respectively, putting the brakes on their record-setting rallies.

On the earnings front, shares of Microsoft sharply fell as its disappointing cloud business revenue reignited fears over the profitability of artificial intelligence (AI) spending.

Investors are also closely watching the next trade move from Trump after he threatened to impose 50 percent tariffs on Canadian planes, as well as new tariffs on countries that sell oil to Cuba.

In Seoul, most large-cap shares were trading lower.

Market top-cap Samsung Electronics fell 1.5 percent, while its chipmaking rival SK hynix retreated 3.19 percent.

Top automaker Hyundai Motor slid 0.4 percent, and bio firm Celltrion dipped 0.24 percent, while defense giant Hanwha Aerospace advanced 3.62 percent.

The local currency was quoted at 1,449.5 won against the U.S. dollar, down 10 won from the previous session.

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