Stocks mixed at the open, won strengthens against dollar

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Stocks mixed at the open, won strengthens against dollar

Published: 05 Dec. 2022, 11:37

Electronic display boards at Hana Bank in central Seoul show stock and foreign exchange markets on Monday morning. [NEWS1]

Shares opened lower Monday on concern that a stronger-than-expected U.S. jobs report may lead to aggressive tightening by the U.S. Federal Reserve.

The Kospi fell 2.34 points, or 0.10 percent, to 2,431.99 in the first 15 minutes of trading.

The index gained 1.08 percent last week to end at 2,434.33 Friday as the Fed suggested a slowdown of rate hikes after four successive 75 basis-point increases to tame inflation.

Individuals bought a net 97 billion won ($75 million) of stocks, offsetting foreign and institutional stock selling valued at 96 billion won.

Large-cap stocks were mixed.

Samsung Electronics rose 0.2 percent, SK Telecom Co. climbed 1 percent, Korean Air gained 2.2 percent, and Hyundai Motor was up 0.3 percent.

Among losers, Hyundai Mobis declined 0.7 percent, and LG Energy Solution shed 2 percent.

The local currency was trading at 1,296.30 won against the dollar as of 9:15 a.m., down 3.60 won from Friday's close.

BY LIM JEONG-WON, YONHAP [lim.jeongwon@joongang.co.kr]