Stocks open lower Friday as large-cap stocks fall

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Stocks open lower Friday as large-cap stocks fall

Published: 30 Jun. 2023, 10:14

Screens in Hana Bank's trading room in central Seoul show foreign and stock markets close on Thursday. [NEWS1]

Stocks opened lower Friday due to declines in large-cap stocks.

The benchmark Kospi lost 7.9 points, or 0.31 percent, to 2,542.12 in the first 15 minutes of trading.

Overnight, major U.S. stock indexes ended mixed as major banks cleared the Federal Reserve's annual stress test, while stronger-than-expected economic data bolstered expectations of an additional rate hike by the Fed.

The Dow Jones Industrial Average rose 0.8 percent, the S&P 500 went up 0.5 percent and the Nasdaq Composite closed flat.

In Seoul, large-cap tech stocks led the downturn.

Samsung Electronics fell 0.83 percent, and SK hynix lost more than 2 percent.

LG Energy Solution dropped 0.36 percent, and Samsung SDI went down 1.5 percent.

Bio firms also retreated, with Samsung Biologics sliding 0.53 percent and Celltrion losing 0.66 percent.

Auto stocks gained. Hyundai Motor rose 1.22 percent, and Kia advanced 1.63 percent on expectations they will post robust earnings in the second quarter.

Hyundai Mobis jumped almost 2.5 percent.

The local currency was trading at 1,323.6 won against the dollar at 9:15 a.m., up 6 won from Thursday's close.

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]